Key Points:
In the past 24 hours, the futures trading volume of Ripple (XRP) surged over 200%.
The bullish flag pattern target for Ripple (XRP) price is expected to reach $4.50 in September or October.
Since Ripple agreed with the U.S. Securities and Exchange Commission (SEC) to withdraw their legal appeals on Thursday, Ripple (XRP) has risen over 10%.
On-chain data platform Glassnode shows that in the past 24 hours, XRP futures trading volume skyrocketed over 200% to $12.4 billion, surpassing Solana's $9.6 billion.
The increase in futures trading volume typically reflects heightened trader interest and speculative positions, especially following significant news events. For XRP, this driving factor is the conclusion of the long-standing lawsuit between the SEC and Ripple.
Open interest (which shows the total value of unsettled futures contracts) also rose by 15% to approximately $5 billion.
XRP's daily funding rate is 0.01%, indicating that most traders are establishing long positions, anticipating further price increases.
Glassnode warns that excessive long positions can also increase downside risk. This means that if the price retreats from current levels, highly leveraged traders may face forced liquidations, accelerating the pullback.
XRP's cost basis distribution shows that the largest supply concentration is in the $2.80–$2.82 range, where over 1.7 billion tokens were purchased.
This concentrated position area may become a key support level during price pullbacks, as many profitable traders may defend their entry price.
The rise in XRP has pushed its price above the upper trend line of the bullish flag pattern. The simultaneous increase in volume confirms the momentum behind this breakout.
Traditional analysts calculate the bullish flag pattern's price target by adding the height of the previous upward trend to the breakout point.
For XRP, this target points to above $4.50, approximately 35% higher than current levels, expected to be reached in September or October.
Possible interest rate cuts by the Federal Reserve in September may further boost market demand for high-risk assets like XRP.
The $4.50 target aligns with the views of several analysts recently.
This includes Mikybull Crypto, who predicts XRP price will rise to $5 to $8 by the end of 2025; and Dom, who expects it to reach $10.
Related: SBI Holdings denies reports of applying for a dual Bitcoin (BTC) and Ripple (XRP) ETF in Japan.
Original: “Ripple (XRP) Price Soars 200%, Futures Trading Volume Surges as Ripple Lawsuit Ends”
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