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The broader crypto ecosystem has continued to rise, with the combined market capitalization soaring as high as 17% in 24 hours to $2.52 trillion. At the forefront of this renewed price vigor are Bitcoin (BTC) and altcoins like Ethereum (ETH), Solana (SOL) and XRP. While most altcoins are breaching new milestones, XRP displays a concerning trend that may stunt its growth.
XRP Open Interest insight
According to data from CoinGlass, XRP Open Interest (OI) has slipped despite mild growth in the coin’s price. The data shows that OI is down by 0.72% in the past 24 hours, with 1.46 billion XRP committed on the futures market.
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The Open Interest data helps measure the total number of outstanding derivatives contracts on the market. It gives actual insights into how exposed traders are to an asset. While XRP’s Open Interest is marginally down today, Solana’s has soared by over 14%, with over $4 billion committed.
As of writing, the price of XRP has managed to soar by 0.66% to $0.5512. The coin’s trading has remained in a very tight range, and the OI figures suggest a breakout might be far away.
XRP has a lot of legal baggage. However, many predict that its headwinds might turn into a tailwind, with a likely plot to oust Gary Gensler as U.S. SEC Chairman.
Key growth signs to watch for XRP
It is worth noting that XRP remains one of the most-watched coins on the market today. Amid the ongoing price rally, traders must monitor XRP whale transactions carefully, as they might determine shifting sentiment, which in turn might determine where the price heads moving forward.
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Advances in Ripple Labs’ ventures, especially those concerning RLUSD stablecoin, are also vital to determining XRP’s next moves. Already, the Bitcoin growth sentiment remains intact, and with the right correlation, it might help fuel XRP’s price in the long term.