According to CryptoQuant data, XRP open interest has surged by an impressive 5.6%.
At the same time, the firm has warned of elevated risks posed by increasing leverage that could hint at high volatility. "Leverage cuts both ways—stay sharp," the firm warned.
At press time, the token is changing hands at $2.60, according to CoinGecko data.
The rapid rise in leveraged positions could present a good shorting opportunity, according to CrpytoQuant.
Yuri MolchanThe Ripple-linked token saw a stunning rally on Sunday following the announcement that it would be part of the much-hyped strategic crypto reserve.
Even though there were some rumors about XRP eventually making the cut, the announcement still came as a surprise for many industry participants. Hence, the token saw a very sharp upward move, coming close to reaching the $3 milestone before giving up some gains.
However, as reported by U.Today, banking giant JPMorgan recently called into question the viability of adding XRP and other smaller altcoins to the crypto reserve.
Dan Burgin
Vladislav Sopov