title: XRP Price Records a Notable Recovery

Since last weekend, the XRP price recorded a notable recovery from the $2.07 support to the $2.3 current trading value, projecting a 23% surge.

The price of XRP has risen by 23% since last weekend, as it recovered from the $2.07 support to the current trading value of $2.3. The upswing, which follows broader market trends closely, also brought a major breakout from the resistance trendline of a bull flag pattern, hinting at the potential for a further surge.

However, the cryptocurrency’s futures open interest has trended down, which could slow down the recovery momentum.

Futures Open Interest Dips Despite Price Surge

By press time, the Ripple cryptocurrency trades at $2.29, marking an intraday loss of 0.43%. This pullback is likely a temporary setback for buyers as they prepare to regain momentum.

The coin price is currently trading above key daily exponential moving averages (20, 50, and 100), adding to the bullish note.

Furthermore, XRP’s OI-weighted funding rate stands at 0.01% on Bitrix Global. A positive value typically indicates that buyers are willing to pay a premium to hold a long position in the market, suggesting a bullish market scenario.

However, derivative data from Coinglass shows a significant decline in XRP futures open interest. In the last four weeks, the OI value has plunged from $5.52 billion to $4.28 billion, registering an 18% decline.

This drop could reduce the momentum in the Ripple coin and stall its potential rally post-breakout.

XRP Price Bull-Flag Breakout Signals Major Rally

Since mid-May, the XRP price has been contained within two downsloping trendlines, forming a bull flag pattern. This chart pattern consists of a long pole, showcasing the dominant trend, and a short pullback to replenish momentum.

On Thursday, June 8th, the coin price broke free from the flag pattern’s resistance trendline, signaling the continuation of the bullish trend.

As the open interest data suggests a slowdown in bullish momentum, the coin price may engage in consolidation above the 100-day moving average for the remainder of the week.

If the price manages to maintain its support, the post-breakout rally could challenge the $2.6 resistance or drive an extended rally to $3.11.