XRP has closed the week showing mixed price action while flashing signs of a potential rebound after multiple weeks of severe price corrections.
On Saturday, Feb. 21, data from CoinGlass showed that the XRP derivatives market is making a bullish reversal as futures traders increasingly commit their tokens to active contracts.
XRP OI surges 2.56%
Following the increased activity from XRP futures traders, the data shows that over 1.6 billion XRP has been commuted to its futures market, marking an increase of 2.56% in its open interest over the last 24 hours.
With about 1,660,000,000 XRP currently being committed in unsettled contracts at a time like this, it appears that the leading altcoin is finally regaining momentum.
More so, the rise in futures activity signals heightened confidence among investors as the broad crypto market appears to be moving toward a potential rebound.
XRP turns green
Following this impressive surge in the XRP derivatives market, XRP has also seen a brief increase in its price over the last day, reclaiming its weekly high around $1.45.
Notably, the asset has surged by 2.45% in its price over the last 24 hours, suggesting a potential price rebound after several days of trading in the deep red territory.
Following the weak price move seen in recent days, the XRP ETFs have also reported poor performance across all existing XRP funds over the past week.
During their last trading session, the funds saw zero inflow and outflow, suggesting that institutional investors are unwilling to participate amid the broad market volatility.
With this weak performance, it is uncertain if XRP will see a major price recovery soon and reclaim levels seen earlier in the year.
Vladislav Sopov
Dan Burgin