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XRP, the third largest cryptocurrency by market capitalization surpassed $1 billion in open interest on major crypto exchange Binance, in the last 24 hours, according to CoinGlass data.
Open interest (OI) refers to the total number of outstanding derivative contracts (futures and options) that have not yet been settled.
Exchange XRP Futures Open Interest hit $1.33 billion on Binance, with volumes surpassing $3.82 billion, the highest on major crypto exchanges. Contributing to the surge in open interest is the XRP/USDT trading pair, which accounted for $1.05 billion of the total figure.
XRP Futures Trade Count also hit 4.04 million on Binance, the highest on any major crypto exchange.
XRP is seeing increased futures activity on the market as investors react to recent Ripple developments.
In the past week, the Ripple-SEC case officially came to an end as both parties filed a joint dismissal of their respective appeals. Ripple also announced a $200 million acquisition of Rail, a stablecoin-powered platform for global payments.
XRP prints inverted hammer, $4 next?
After three days of dropping from Aug. 8 high of $3.38, XRP reversed course, posting an inverted candlestick pattern in the early Monday session.
An inverted hammer is a bullish reversal candlestick that usually appears when prices are declining, indicating that the market may soon change direction.
If this pattern is confirmed for XRP price action, bulls may seek to revive the recent uptrend with eyes on a decisive breach of key resistances at $3.38 and $3.66 to aim for $4.
The daily RSI has flattened while still being above the midpoint 50 level. This suggests the possibility of range-trading in the coming sessions, while presenting a slight advantage to the bulls. Support is expected at the 50-day SMA at $2.81 in the event of a drop.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team