XRP has lost the crucial $2 level as momentum across the broad crypto market continues to go weak, with all leading cryptocurrencies returning to deep red territory after the recent rebound.
Amid this negative trend, XRP’s derivatives market is also flashing caution signals as its total futures open interest across all exchanges show a notable decline over the past day.
According to data provided by CoinGlass, XRP’s open interest has fallen 4.92% over the last 24 hours. The total number XRP committed on its futures market is currently sitting at $1.81 billion tokens worth about $3.45 billion.
XRP rally stalls
As of press time, data from CoinMarketCap shows that XRP is trading near $1.90, a decent decline of 1.4% over the last 24 hours, after failing to sustain momentum above the $1.94 intraday high.
Amid the negative price trend, XRP’s trading volume has dropped significantly by nearly 40% as on-chain activities slow down drastically.
With the decline in XRP open interest coinciding with a relative decline in its price move during the period, it appears that conviction among buyers has become notably weak, and futures traders are closing their positions to minimize potential losses.
CME leads XRP futures market
Despite declining momentum, CME still takes the lead on the XRP derivatives market as the exchange accounts for over 22% of total open interest registered during the day.
Notably, traders on CME have committed a massive 403.6 million XRP worth about $770 million on its derivatives platform over the last day. This came as no major surprise as the exchange has continued to expand its XRP futures offerings.
Just yesterday, CME Group announced the launch of Trading at Settlement (TAS) on XRP futures to allow access to enhanced flexibility on efficiently managing settlement risks.
Binance and Bybit followed closely, with about 16.61% and 12.02% of XRP’s total open interest, respectively.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team