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In the last 30 days, the XRP price has climbed from a low of $2.76 to reclaim the $3 price level. With the coin flashing bullish signals in the current altcoin season, there are $9.05 billion reasons for a sustained rally. The XRP community is optimistic about a positive price outlook.
XRP open interest surges past $9 billion
Notably, according to CoinGlass data, XRP’s open interest has soared by 6.54% in the last 24 hours. This uptick represents 2.92 billion XRP committed to the futures market of the asset. The total value of this volume stands at $9.05 billion — a clear indication that investors’ confidence remains strong.
While XRP’s open interest indicates the value of unsettled derivatives futures contracts, the spike by over $9 billion signals how bullish investors are on the coin and their willingness to bet on an upward climb moving forward.
As of press time, the XRP price was trading at $3.10, which represents a 3.2% increase in the last 24 hours. This leaves it about 19.02% away from its all-time high (ATH) of $3.84. The coin has shown resilience in the past as it consolidated above the $3 support.
With renewed open interest in the future price of the asset, coupled with a spike in trading volume, XRP could post a new ATH. Currently, trading volume has soared by a massive 62.37% to $7.38 billion. These factors might serve as a catalyst to push XRP to near $4, complemented by the general hype around high-performing altcoins.
Institutional adoption strengthens Ripple ecosystem
Meanwhile, in the broader crypto space, institutional interest in XRP is also gaining traction. Grayscale has decided to launch a multi-token exchange-traded fund (ETF). The new ETF offers exposure to Bitcoin, Ethereum and XRP, the top three crypto assets by market capitalization. Barry Silbert has described the ETF combo as groundbreaking.
In another institutional adoption move, Ripple, the parent company, has partnered with Franklin Templeton and DBS. The collaboration is to develop repo markets leveraging stablecoins and tokenized collateral.
This will drive more adoption of XRP and Ripple USD stablecoin (RLUSD). This is because RLUSD is listed on the Singaporean exchange. It will give investors the option of switching to less volatile tokens in times of market fluctuation. This unique feature is essential to Ripple Labs’ bid to dominate in the broader real-world-assets (RWA) tokenization ecosystem.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team