Although XRP has continued to plunge deeper, investors have seen a reason to hold on to their optimism as Ripple Swell ignites hopes for a positive shift.
Over the last hour, XRP's futures activity has seen a surprising surge, with open interest soaring by 3.88%, according to data provided by Coinglass.
With a massive 1,550,000,000 XRP currently committed in active futures contracts, the hourly surge in XRP open interest marks a sudden flip from a bearish trajectory.
This is because the surge has come when the leading altcoin is showing a massive decline of 13% over the last 24 hours, sparking curiosity about the sudden shift in investor sentiment.
Interestingly, the sudden surge in XRP’s open interest coincides with the launch of Ripple’s long-anticipated Swell event, which began just about an hour ago.
XRP community shows enthusiasm as Ripple Swell begins
Since the announcement of the Ripple Swell event, the XRP community has been buzzing amid growing expectations that Ripple's CEO, Brad Garlinghouse, and the rest of the executives will drop major announcements that could fuel a significant boost in XRP's price.
The positive enthusiasm surrounding the event is evident in the sudden shift in investor sentiment witnessed in the XRP derivatives market at the time the event began.
Thus, the timing of the hourly spike has raised many eyebrows, as Ripple Swell, known for its focus on regulatory discussions, Ripple’s future developments, and more, has historically ignited major price movements for XRP.
While the surge has come despite the broader bearish sentiment in the last 24 hours, where XRP fell by over 13%, it appears that traders are increasingly looking to capitalize on potential market dynamics that could be triggered by bullish sentiments stirred by the event.
With Ripple Swell now fully live, all eyes are on XRP as traders eagerly await the asset’s next price move. As such, traders are increasingly committing their holdings while actively entering new positions in the XRP derivatives market, following expectations of a major announcement during the Swell event that could trigger XRP’s next price rally.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team