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In the last 24 hours, XRP has witnessed a significant shift, leading some to hope for a positive future outlook. XRP’s open interest has surged by a substantial 8.43% as investor sentiments teased a potential price rally.
XRP open interest surpasses $3 billion
Data from CoinGlass shows that total open interest surged past the $3 billion mark. Investors’ activity saw a 1.40 billion XRP committed in open interest valued at $3.07 billion within the last 24 hours.
Arman ShirinyanThis development marks a shift from the broader cryptocurrency market's collapse. XRP's price momentarily dipped below $2 in the past week due to the sharp downturn.
However, the surge in open interest coincides with an uptick in the value of XRP. In the last 24 hours, the asset has climbed by 8.23% to trade at $2.21.
Analysts opine that the positive swing in the value of XRP signals a potential upward trajectory for the asset. They believe that XRP’s ability to recover after dipping briefly below $2 indicates the coin's resilience to remain high-performing in the market.
The current upsurge in open interest shows market participants are growing bullish with XRP despite the recent setback in price and massive sell-off. Some believe the huge sell-off in the XRP market might have passed, particularly since there is no imminent death cross for XRP.
Is bullish sentiment back?
Meanwhile, CoinGlass data shows that many market participants were most active in the Bitget exchange ecosystem. Bitget accounted for 29.38% of the total open interest, with 412.38 XRP valued at $901.97 million.
Godfrey BenjaminOther notable exchanges featured were Binance, Gate.io and Bybit. These registered 20.5%, 19.65% and 17.25%, respectively.
Binance came second, with 287.56 million XRP worth $629.32 million. It was followed by Gate.io, which registered 275.46 million XRP worth $603.24 million. Bybit had 241.94 million XRP worth $529.84 million.
Experts maintain that a leap in the trading volume of XRP in the coming days could support the coin to reclaim previous highs.
Dan Burgin
Vladislav Sopov