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XRP has recorded a bullish twist as investors bet on the asset’s futures market. This has sparked traders to commit $3.96 billion for over 1.8 billion XRP in the last 24 hours. According to CoinGlass data, the fiat currency has seen up to 1,820,000,000 XRP wagered on the futures market.
Futures spike sparks XRP price recovery
This is an uptick of 0.92% in open interest. Open interest represents the number of investors’ open futures or options contracts in XRP and fiat currency. The slight increase suggests investors have reawakened interest in the asset.
The increased interest has triggered a price reversal. As of press time, XRP was trading at $2.17, representing a 0.8% increase in the last 24 hours. However, the trading volume has not climbed out of the red zone, remaining at a 26.84% decline at $1.8 billion within the same time frame.
Some investors are not in any hurry to begin acquiring the XRP just yet. They could be waiting to see how XRP performs with this price rebound and whether the coin’s recovery is sustainable.
The caution might have been triggered by whales recently dumping large volumes of XRP on a notable crypto exchange. As per Whale Alert, an unknown large holder transferred $58 million worth of XRP into Coinbase, sparking speculation.
XRP Ledger milestone and ETF optimism
Despite this caution, XRP's resilience is shining through as the network shows the potential to catalyze a sustained recovery. The XRP Ledger recently reached a significant milestone in network activity, processing over 12 million transactions in 24 hours.
Market participants consider this milestone indicative of renewed confidence in the XRP ecosystem, which could ultimately positively impact price.
Meanwhile, the approval odds for a possible XRP exchange-traded fund (ETF) have climbed to 90% on Polymarket. The spike signals a positive shift in the digital currency market as concerns XRP.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team