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The crypto market is recovering, with XRP in the spotlight after the price reclaimed the $2.1 mark. Amid a massive sell-off, XRP Open Interest has shifted its recovery by 1.66% in one hour to 1.39 billion coins. This open interest trend indicates deep liquidity on the market overall. With over $2.96 billion in commitment from traders, the next move for XRP remains debatable.
What's next for XRP's price?
At press time, the price of XRP was changing hands for $2.14, down by 2.05% in 24 hours. While the coin erases the losses, XRP maintains 10.48% in seven days and 12.8% in the trailing 30-day period.
Vladislav SopovEarlier in the month, the XRP price suffered a defined liquidation imbalance, which signals a likely thinning out of the bearish streak. Investors are now convinced that since the coin has dropped to a low of $1.916 overnight, it must have attained its floor price.
The current rebound demonstrates this, as the coin has successfully recovered from its 24-hour losses. The Open Interest outlook and trading volume also indicate that market sentiment is returning to presell-off levels.
XRP ETF still a catalyst
Most of the market focus now is on the macroeconomic outlook, as efforts from XRP ecosystem partners are doing little to change investor sentiment. However, the current market reality is that XRP ETF has at least a 60% chance of securing approval from the United States Securities and Exchange Commission (SEC).
Arman ShirinyanIf approved, this ETF product can usher institutional investors into XRP, setting it up for a more rapid rally soon. Beyond this, Ripple Labs’ payment business advancement also serves as a viable catalyst for XRP growth. This projection hinges on the highly correlated nature of the XRP ecosystem.
Dan Burgin
Vladislav Sopov