The recent breakout in the price of XRP has seen its open interest explode to peak levels, nearing a major $10 billion mark. Data provided by Coinglass has showcased a massive 142.97% increase in XRP’s open interest over the last month.
This implies that the amount of XRP committed to the XRP futures market by investors has surged significantly from the level it last achieved in the previous month.
On June 24, XRP holders locked up to $3.91 billion in the token’s futures market, and growing investors’ interest has seen this surge to more than double within a month, hitting a massive $9.50 billion as of July 24. This impressive growth in its futures activities suggests that retail and institutional investors holding XRP are preparing for something big in the near term.
XRP OI stable but in peak levels
While XRP’s open interest has surged massively from the levels it was at in the previous month, it has remained stable with a slight dip of 1.20% over the last day. This suggests that the recent price dip that saw XRP fall below the $3 mark on June 23 has caused investors’ confidence to waver, as many began to trade cautiously.
This slight dip in XRP’s OI over the last day is reflected in its spot trading price, which has only surged by a mere 1.82%, trading at 3.20 as of press time, according to data from CoinMarketCap.
While the asset has been faced with several regulatory backlashes, causing it to fall to nearly zero, the token is back on its feet and has continued to build a reputable foothold amid the ongoing bull cycle.
While the massive surge in open interest indicates growing confidence among investors, which propels the token for further upsurge in its price, its open interest is expected to remain on the rise as the potential XRP ETF launch, major Ripple developments, its regulatory clarity with the SEC, and many other major factors have kept investors optimistic and reignited their stance on the asset.