XRP struggles near $0.7440 but could still rise after Robinhood listing

• Open interest on Ripple’s XRP has fallen by more than 10% in the past 24 hours.
• Robinhood’s listing of XRP could serve as a catalyst for renewed demand.
• XRP continues to struggle against near-historically strong resistance after another rejection at $0.7440.

Ripple’s XRP is trading near $0.6900, down nearly 3% on Wednesday, as falling open interest could extend the price correction. However, other on-chain metrics point to a bullish stance in the long term.

XRP could continue to rise despite the drop in open interest

XRP’s open interest fell by more than 10% in the past 24 hours due to a decline in investor interest. OI fell from $1.2 billion on Tuesday to $1.09 billion on Wednesday.

Open interest is the total number of outstanding contracts in a derivatives market. If XRP’s OI continues to decline, it could extend its price correction.

XRP open interest | Mint glass

However, Robinhood’s relisting of XRP on its trading platform could spark new demand for the altcoin. The exchange recently announced that it has relisted the token due to high community demand for the coin over the past month.

Additionally, Ripple CEO Brad Garlinghouse is said to have met with newly elected President Donald Trump and members of his administration to discuss a possible regulatory framework for cryptocurrencies.

Meanwhile, active addresses on the XRP Ledger have also grown, according to CryptoQuant data, indicating strengthening bullish momentum.

XRP active addresses | CryptoQuant

Ripple Price Forecast: XRP is struggling against historically strong resistance at $0.7440

Coinglass data shows that XRP is down 3% after $14.73 million in liquidations in the past 24 hours. The liquidated long and short positions amounted to $11.16 million and $3.58 million respectively.

On the daily chart, XRP saw a rejection at the resistance level near $0.7440 for the second time in two days. This resistance has persisted since July 2023, and the remittance-based token has experienced five rejections in the past year.

XRP/USDT daily chart

With the rejection, XRP could fall towards the support level near $0.5700. If XRP leaves this level, it could rise to test $0.7440 again. A move above this level could see XRP rise to $0.8547.

The Relative Strength Index (RSI) is in oversold territory and showing a downward trend, indicating a possible price correction.

A daily candlestick closing below $0.5700 will invalidate the position.