- XRP open interest soars
- XRP signals major breakout
With the crypto market witnessing positive price actions among leading cryptocurrencies today, Ripple (XRP) has printed bullish signals in key on-chain movements as data from CoinGlass shows that XRP has achieved a massive 1.8 billion XRP in open interest as of June 3.
XRP open interest soars
The data shows that the total amount of money invested in XRP derivatives over the last day has surged to $4.09 billion, a substantial increase of 5.21% from its value in the last 24 hours. This signals increased confidence among investors in the long-term potential of the third-largest cryptocurrency by market capitalization.
Nonetheless, it is important to note that open interest refers to the total number of outstanding futures or options contracts committed to the token.
Typically, it provides insight on market sentiments regarding the involved cryptocurrency, showcasing how much investors are willing to invest in the token in preparation for potential actions.
Nonetheless, the data further revealed that Binance users are most confident about XRP’s future performance, as the exchange leads the overall open interest rate with 18.81%, followed by Bybit with 17.01%.
The surge in XRP open interest indicates the return of derivatives traders and more capital into the Ripple network, preparing the token for more upside trajectory as previous increases in XRP’s OI like this have been followed by major rallies in the price of XRP.
XRP signals major breakout
Notably, the surge in XRP’s open interest is attributable to the notable rally witnessed across the global crypto market, as Bitcoin and other leading cryptos were seen recording notable price gains today.
This has seen the surge in XRP’s open interest accompanied by a corresponding surge in the price of the token, which has recorded a decent increase of 3.62% over the last day.
Despite falling as low as $2.09 during the last week, a sudden shift in market sentiments has pushed the token to surge above $2.2 in less than a week.
According to data from CoinMarketCap, XRP is trading at $2.25 as of press time. The token still reflects a weekly decline of 2.83% despite today’s rally.
While XRP is only 41% far from reaching the ATH of $3.84 it achieved on Jan 04, 2018, investors are optimistic that the token will smash this level and set a new record if the bullish momentum persists for longer.
While XRP is only 41% away from reaching the ATH of $3.84 it achieved on Jan 04, 2018, investors are optimistic that the token will smash this level and set a new record if the bullish momentum persists for longer.