Ripple Price Holds Steady Above Key Support as On-Chain Metrics Indicate Bullish Sentiment

Ripple (XRP) stabilised above a crucial support level on Monday following a nearly 3% increase last week. Meanwhile, on-chain data suggests a potential rally, as XRP’s open interest is climbing to its highest point in a month, signalling fresh buying activity.

If the 200-day EMA and the daily support level of $0.544 hold, XRP may maintain its upward trajectory and retest the daily resistance level at $0.626. Furthermore, the Relative Strength Index (RSI) is currently at 56, above the neutral mark of 50. A rise above 60 would suggest that bullish momentum is strengthening.