XRP Up 416% Over The Past Year: How High Can It Go?

XRP (CRYPTO: XRP) has surged 416% over the past year, with recent market data pointing to a strong undercurrent of accumulation despite heightened speculation. With institutional products rolling out and selling pressure being absorbed, analysts are eyeing a potential bullish breakout on the horizon.

What Experts Are Saying: CryptoQuant analyst BorisVest notes that XRP appears to be gearing up for a bullish move.

After a major flush that slashed open interest from an all-time high of $1.5 billion down to $530 million, the metric is now trending higher again, which is a sign of renewed speculative interest and rising volatility.

While the funding rate remains neutral, a deeper look reveals increasing short positions and a decline in funding, hinting at a possible short squeeze scenario developing.

Additionally, the Taker Buy/Sell Ratio sits at 0.91, indicating strong selling pressure from retail traders.

However, the fact that price continues to hold firm suggests this pressure is being quietly absorbed, potentially signaling the early stages of a breakout.

Statistics: According to Coinglass, XRP's open interest rose 2.7% in the past 24 hours to $5.66 billion, its highest level since early February.

Liquidations during this period totaled $7.38 million, with $4.7 million in long positions and the rest in shorts, a sign of increasing leverage and volatility.

Community News: The CME Group has confirmed that XRP futures will launch on May 19, with both standard and micro contracts regulated by the CFTC.

This development could attract institutional capital into XRP markets.

A commentator pointed out that the Institute of International Finance (IIF) mentioned XRP via Ripple as a viable option for cross-border payments in its feedback to the Bank for International Settlements (BIS), a nod toward XRP's expanding role in global finance.

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