Open interest on XRP-based futures surpasses $1.1 billion
The open interest on XRP-tracked futures has reached a record high of $1.1 billion in the past 24 hours, surpassing the $1 billion level touched last week. This has led to a surge in XRP token prices, with a 6% increase for a second consecutive day. Despite other major cryptocurrencies remaining unchanged, XRP tokens reached a high of 80 cents before retracing slightly.
Main breakdowns:
- Open interest has risen 21% since Tuesday, indicating increased bets on XRP tokens.
- The majority of these positions, worth $443 million, are held on Binance.
- Bitget follows with $250 million in open interest.
- The surge in XRP interest follows a recent U.S. court ruling that the sale of XRP on exchanges does not constitute investment contracts.
- Bitcoin and ether have recovered to above support levels after a brief slide caused by profit-taking.
This record-breaking open interest in XRP-based futures is a positive indicator for the cryptocurrency market. It suggests that there is a strong belief among traders that the current trend of XRP tokens will continue. With the recent court ruling providing clarity on the legal status of XRP, investor confidence has soared. The recovery of Bitcoin and ether also indicates a general optimism in the market. Overall, this is a promising development for crypto enthusiasts and signals potential further growth in the near future.
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