XRP’s price is currently around $2 as traders prepare for potential fluctuations.

XRP options trading volume increased by 125.93%, and open interest climbed by 149.56%, indicating robust investor confidence. However, a bearish pennant pattern observed on XRP’s daily chart points to ongoing selling pressure, with significant support at $803. Even amidst a week of price fluctuations, XRP’s value has stayed above $2. This follows a decrease in the Ripple token’s value by 17%, hitting a low of $2.06 on Saturday, before bouncing back to $21.90 by March 224. Traders are eagerly anticipating a pivotal moment as significant market developments unfold. At the moment, investors are closely monitoring the U.S. Congress’s confirmation of Paul Atkins, a nominee who is supportive of cryptocurrency, to take over from Gary Gensler as the chair of the SEC. A favorable appointment would boost market confidence and drive XRP prices higher. Conversely, rejection may trigger selling pressure that could drive the token down beneath $26.15. However, the XRP derivatives market indicates a positive outlook. Despite persistent skepticism, traders in derivatives are optimistic about the movement of XRP’s price. According to the data, options volume increased by 22.05% to $210.22, and open interest was up by 0.03% to $2000.24. These figures suggest an increased level of investor confidence regarding a potential price breakout. Additional data from Binance backs this view, showing that the XRP/USDT long/short ratio stands at 22025, which reflects traders’ strong bullish stance.