XRP Sees Surge in Open Interest, Fueling Optimism for Price Rally

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In the last 24 hours, XRP has experienced a significant shift, igniting optimism for its future. The cryptocurrency’s open interest surged by an impressive 8.43%, indicating that investor sentiment is growing more positive. This uptick in open interest suggests that many traders are positioning themselves for a potential price rally, raising hopes that the recent sell-off might be over.

XRP Open Interest Crosses $3B!

Notably, data from CoinGlass indicates that the total amount of XRP in open interest has crossed the $3 billion mark. In the past 24 hours alone, investors have locked in 1.40 billion XRP, worth $3.07 billion, signaling a significant increase in market activity and interest in XRP.

A significant portion of market activity was centered around the Bitget exchange ecosystem, where it dominated with 29.38% of the total open interest. This equated to a whopping 412.38 million XRP, worth $901.97 million.

Other major exchanges included Binance, Gate.io, and Bybit. Binance took second place with 287.56 million XRP valued at $629.32 million, followed by Gate.io with 275.46 million XRP worth $603.24 million, and Bybit with 241.94 million XRP worth $529.84 million.

This shift comes after a sharp decline in the broader cryptocurrency market. XRP’s price briefly fell below $2 last week due to the market downturn.

The surge in open interest for XRP comes as its value rises. In the last 24 hours, XRP has increased by 8.23%, reaching $2.21. Analysts suggest this price swing indicates a potential upward trend, highlighting XRP’s resilience after briefly dipping below $2. 

Despite the recent sell-off, market participants are becoming more bullish on XRP. Some believe the worst of the sell-off is over, especially since there’s no imminent “death cross” for XRP.