XRP consolidated around $1.40 on Tuesday, with buyers holding the $1.38 level before that. Last week, the token encountered resistance around $1.50 and then fell back. Now it is approaching that key resistance level again, and the market is beginning to pay attention to whether a new direction will emerge in the short term.

Futures open interest rebounds to 2.24 billion contracts

CoinGlass Data shows that the number of open positions in XRP perpetual futures has risen to 2.24 billion, higher than the previous day's 2.23 billion and also higher than the 2.2 billion on Sunday. This indicates a slight rebound in participation in the derivatives market, with some funds re-entering long positions.

However, this level is still lower than the 2.78 billion coins on August 15th, indicating that leveraged funds have not fully recovered yet. If prices continue to rise and positions increase accordingly, it usually means that new funds are supporting the upward trend; conversely, if positions fall, it indicates that traders' confidence is still not solid.

Funding rates remain positive.

The capital fee rate, calculated on a weighted basis based on open contracts, is currently around 0.01% and has remained at this level since August 28th. A positive capital fee rate indicates that the long side continues to pay a fee to the short side, which usually reflects a stronger market demand for an upward trend.

This indicates that even though XRP has recently entered a consolidation period, some traders are still willing to incur costs in order to maintain their long positions. However, a positive funding rate does not necessarily lead to further price increases. If long positions become too concentrated and prices fail to break through resistance for an extended period, the market may see long positions being closed, which could then amplify downward pressure.

$1.42 becomes a short-term watershed

From a price performance perspective, XRP is currently still above the moving average of the main indices, and its overall structure has not been disrupted. The most concerning level at present is around $1.42, which also coincides with the pressure from the downward trend line of the short term.

If the daily close is above $1.42, the market may test the previous high of $1.50 again; if it breaks through that level further, the next major resistance will be around $1.70. On the contrary, if several attempts to rise fail, prices may fall back to around $1.38.

The Relative Strength Index is currently around 59, still above the neutral level of 50, indicating that buyers are temporarily in the advantageous position. However, the momentum of the rise has slowed down compared to the previous round of increases. The MACD has slightly weakened, showing a decline in upward momentum, but no clear reversal signal has yet been formed.

If XRP falls below $1.42 and continues to decline, the area around $1.36, where the 200-day moving average is located, will become the first important support level; if this level is also broken through, the market may further drop to the medium-term support areas around $1.26 and $1.24.