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XRP’s resilience is being severely tested as the price continues to plunge toward the $2 support level on the cryptocurrency market. Despite the volatility, XRP investors remain optimistic about a positive outlook, as indicated by the asset’s open interest.
Investors commit to XRP futures
According to CoinGlass data, XRP investors have committed $4.07 billion to the asset’s futures market. It signals that more traders are willing to hold positions due to the expectation of a possible rebound despite the current price volatility.
Notably, open interest indicates the volume of futures contracts investors have opened on XRP as they anticipate a possible recovery. For XRP, the $4.07 billion, which represents 1.93 billion XRP, underscores the confidence these traders have in the coin's resilience.
An analysis of CoinGlass data reveals that Bitget users hold the highest level of open interest, at 29.49%. This translates to 569.38 million XRP valued at approximately $1.19 billion.
Other top exchanges with significant volumes of committed open interest include Binance, Bybit and Gate.io, with $733.03 million, $597.82 million and $464.98 million, respectively.
As of press time, the XRP price was trading at $2.08, representing a 2.85% decline over the last 24 hours. The trading volume, however, is in the green zone with an uptick of 22.17% at $3.24 billion.
XRP holders optimistic for bullish rally
The volatility experienced on the crypto market has been linked to the legal setback that occurred after Judge Analisa Torres denied a motion filed by Ripple and the Securities and Exchange Commission (SEC).
This even caused the asset to slip massively against Bitcoin on the broader crypto market.
Interestingly, despite the legal setback, the sentiment on crypto social media indicates that XRP is ahead of Bitcoin and Ethereum. XRP’s bullish-to-bearish comment ratio spiked by 2.1:1, the highest in over 14 days. This is a strong indication that XRP investors are not worried, but rather optimistic, about a rebound.
Vladislav Sopov
U.Today Editorial Team