- XRP recovery slows amid rising derivatives volume and open interest:

-XRP corrects itself after testing the convergence of the 50 and 200-day exponential moving averages at $2.58.
-The XRP derivatives market has seen a slight recovery as open interest in futures contracts has regained the $4 billion level.
-The MACD indicator maintains a buy signal, reinforcing the short-term bullish outlook for XRP.

The XRP currency dropped to $2.43 at the time of writing this report on Tuesday, after a two-day rise. The slight sell-off from the day's high of $2.57 reflects negative expectations in the cryptocurrency market overall, as investors opted to take early profits.

Macroeconomic uncertainty and the absence of strong bullish catalysts in the sector continue to weigh on sentiment. However, if the derivatives market maintains its recent gains, the price of XRP may stabilize and resume its move towards $3.00.

- The recovery of the XRP Derivatives market
The XRP derivatives market has seen a notable increase in retail interest, with open interest (OI) rising to $4.11 billion on Tuesday from $3.36 billion the day before.

This increase occurred simultaneously with the price of XRP moving to a weekly high of $2.58, confirming the impact of individual traders in driving prices up.

The OI indicator is extremely important in measuring investor interest in XRP, as it represents the nominal value of outstanding futures contracts. A steady upward trend indicates investor confidence in the continued rise of XRP's price in the short term, and their willingness to increase their risk tolerance.

Open interest chart of XRP.

The subsequent increase in trading volume to $10.58 billion indicates a flow of new money into the market. Trading volume and venture capital are expected to rise concurrently to support a short-term bullish trend.

The open interest volume on XRP futures contracts:

- Technical Forecast: XRP Recovery at Risk Amid Mixed Signals:
The XRP currency has declined slightly, falling by about 3% to reach $2.45 at the time of writing this report on Tuesday. The cross-border payment currency is also below key moving averages, including the 50-day exponential moving average at $2.56, the 200-day exponential moving average at $2.58, and the 100-day exponential moving average at $2.64, all of which highlight key resistance levels.

The Relative Strength Index (RSI) is currently at 48, down from Monday's reading of 52. This indicates a decline in upward momentum, which may weaken short-term bullish expectations towards $3.00. The key levels of interest for traders are $2.24, which was tested on Sunday, and $2.07, which was tested on November 4.

The open interest volume chart for XRP futures contracts.

The daily chart for the XRP/USDT pair

On the other hand, the Moving Average Convergence Divergence (MACD) has maintained a buy signal since Monday, indicating that investors are increasing their risk exposure. However, a recovery above the 50-day and 200-day exponential moving averages may contribute to supporting bullish expectations, with a focus on the $3.00 level.
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