TL;DR

On-chain data shared by popular crypto analyst Ali Martinez claims that XRP has no major resistance obstacles on its way up. At the same time, Glassnode reported that the latest rally could be driven by the futures market.

No Resistance Ahead?

Until this time last week, analysts indicated that $2 is crucial support in XRPs future price performance, while noting that a surge past the resistance at $2.26 could become pivotal in reaffirming the assets bull run restart.

Such a price surge indeed transpired several days ago and the third-largest non-stablecoin cryptocurrency has remained above the latter ever since. Although it was stopped on its way to $2.7 yesterday, it still trades above $2.5 now and is among the few altcoins in the green today.

According to Martinez, theres only clear sky ahead for XRP. In a recent post, the analyst with nearly 140,000 followers on X indicated that on-chain data shows XRP has no major resistance clusters ahead. On the other hand, the zone around $2.38 has become a key support level.

On-chain data shows $XRP has no major resistance clusters ahead, while the key support zone to watch sits at $2.38. pic.twitter.com/vvXjsSUYG1

In accordance with this bullish news came a few big price predictions for XRP. AllInCrypto said the asset is on its way to turn the previous all-time high of $3.4 into support, which would lead it further along its way to our $19 price target in the long term.

Others were a bit more modest, posting price targets of up to $5.4.

Futures-Driven Rally?

Glassnode noted earlier today that the XRP Futures Open Interest had skyrocketed by over $1 billion in just a week, up to $3.42 billion, representing a 41.6% increase. Given the underlying assets price rally that drove it to over $2.5, the analytics company determined that most of it was driven by leveraged positions, which suggests growing directional conviction.

$XRP Futures Open Interest has surged by over $1B in the past week, rising from $2.42B to $3.42B (+41.6%). This sharp increase in leverage coincides with a price rally from $2.14 to $2.48, suggesting elevated speculative activity and growing directional conviction, pic.twitter.com/QbsaOM9oxE

Recall that the last time the Open Interest for XRP had shot up this fast led to a price surge from $2.3 to $3.3 within a week or so back in January.