- XRP Open Interest soared close to $5B as SEC formally initiated a review of the WisdomTree XRP Trust.
- XRP showed a drop to $2.2983 about 0.80% with the key levels for BOS at $2.20, EQH around $2.40-$2.70.
Ripple [XRP] saw a surge in Open Interest in Futures market, $4.56 billion, according to CoinGlass. Binance gave $895.58M, Bybit added $760M, Gateio gave $750M and MEXC added $206.94M, among others.
Continued improved interest among traders in options could cause the prices of those options to become more volatile. That way, XRP did not budge from $2.30, remaining solid during the period of rising prices.
Source: CoinGlass
The belief in a market moving higher can be expected if the number of open contracts rises as the price goes up.
Even so, if interest rates go up and prices decrease or do not budge, the whole market could face challenges for a long period.
Market positioning signals that if sentiment improves, we may see an essential change in price.
XRP price analysis amid daily decline
After an ongoing series of Change of Character (CHoCHs), XRP fell to $2.2983, a fall of 0.80% and reached a demand zone afterward.
There were Break of Structure (BOS) levels at $2.20 and between $2.40 and $2.70, the price hit equal highs a few times.
Pricing was held within a fairly tight band, with every try to overcome $2.40 being rejected and many repeat CHoCHs. It suggested that bullish energy is starting to drop.
If price keeps above the $2.20, XRP may jump to the $2.40 mark and encounter EQHs at around $2.50. A circulate above the $2.50 charge variety may want to bring about price testing the $2.70 resistance vicinity.
Source: TradingView
But if the support at $2.20 breaks, XRP could again drop to the demand zone near $2.10. A visible EQL was formed near $2.22, meaning this price needed close attention.
The market was expected to stay bullish if $2.40 was reclaimed. Failure to rise above $2.20 might bring on stronger bearish price action.
XRP traders need to look ahead to resistance above $2.40 and beneath $2.70 and reactions at $2.10–$2.20.
SEC review on WisdomTree
Meanwhile, the SEC was evaluating the WisdomTree XRP Trust with the Cboe BZX Exchange proposing to the SEC to approve listing an XRP-based products.
According to the SEC, it acknowledged the matter on the 11th of March and decided to extend the timeframe to complete its consideration of the request.
However, the SEC had not decided yet whether to approve, deny or seek more information.
The response revealed that regulators were careful when it comes to introducing crypto trading.
Even if the review didn’t confirm approval, it did show that the SEC had given the topic serious focus. The work remained in progress.
