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XRP, in the last seven days, has progressed on a bullish trajectory in a move many anticipated would see it flip its all-time high (ATH). XRP stands just 17.74% away from surpassing its ATH of $3.84 set in January 2018.
XRP Open Interest surge fuels optimism
The asset, which rose to a high of $3.31 in the early trading session, has experienced correction and dipped slightly. Analysts consider this dip to $3.17 as XRP entering a reset mode that could see it rebound to set a new ATH. Per the projections, the XRP Open Interest data signals this rebound is imminent.
Vladislav SopovAccording to CoinGlass data, XRP Futures Open Interest has recorded remarkable figures despite the price dip. Within 24 hours, 2.34 billion XRP has been committed to futures trading. In dollar terms, this Open Interest volume is worth $7.41 billion.
Notably, Bitget, Bybit, Gate.io and Binance are the exchanges where traders placed the most open interest commitment. Traders on these crypto exchanges are betting on XRP to post another rally soon.
Bitget leads with $1.91 billion or 25.77% of the total volume, followed by Bybit, which has $1.54 billion or 20.83%. Gate.io and Binance registered $1.53 billion and $1.46 billion, or 20.69% and 19.65%, respectively. Cumulatively, the four exchanges account for 86.94% of the overall volume.
Broader market dynamics and regulatory change
Experts consider this surge in Open Interest figures to signal the rising confidence among market participants trading on XRP.
Several broader market dynamics could have triggered soaring interest in XRP. XRP’s recent performance has seen it climb in an epic breakout, outshining Bitcoin and Ethereum.
The bullish run of XRP has sparked discussions among some stakeholders that XRP has entered a price discovery mode. This is because the price of XRP surpassed $3 after about seven years running.
Market watchers are keenly observing how XRP will perform in the coming days after the inauguration of a new President in the U.S. on Jan. 20, particularly with a new Securities and Exchange Commission Chair Paul Atkins set to take over.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin