Bitrue Claims XRP Should Already Be at $10—Traders Bet on Breakout

TL;DR:

• The Bitrue exchange estimates a fair value of $10 for XRP, which would imply a market capitalization exceeding $610 billion.
• Open Interest in the derivatives market rose by 7% in a single day, reaching $2.6 billion according to CoinGlass data.
• Despite a 4% weekly drop, there is no observed increase in short positions, suggesting accumulation at lower levels.

The financial community reacted strongly to Bitrue’s statements. The exchange claims that the price of XRP should already be $10, a figure seven times higher than its current value of $1.42.

Current metrics support this sentiment of market resilience. Even as the price retraces, Open Interest has climbed to $2.6 billion, meaning investors are opening new long positions. This behavior indicates that traders are “buying the weakness” rather than capitulating to selling pressure.

Derivatives Analysis and Technical Projections

Some analysts remain cautious, indicating that XRP might be undergoing an Elliott Wave corrective pattern. Under this reading, the asset could seek critical support levels at $1.12 to form a double bottom, or even dip to $0.87 within a broader bullish scenario.

Nonetheless, long-term optimism remains firm due to significant factors. The recent designation of XRP as an official reserve asset in Missouri and the resolution of legal conflicts with the SEC have strengthened Ripple’s institutional narrative.

While the risk of long-term volatility persists and there is a possibility of sharper pullbacks, the derivatives market and projections from entities like Bitrue suggest that XRP is consolidating a solid base for a future breakout toward ambitious targets.