XRP is finally back in the green zone after multiple weeks of severe price correction following a broader resurgence across the crypto market.
Amid the sudden price reversal, the XRP derivatives market has also seen a big shift with traders increasingly committing their tokens to its futures contracts.
According to data provided by Coinglass, XRP bulls have pumped over 1,820,000,000 XRP into the asset’s derivatives market in the last 24 hours.
XRP open interest skyrockets
With XRP finally back in the spotlight amid the massive developments its ecosystem has recently witnessed, the data shows that the XRP open interest volume has surged by a massive 8.5% over the last day.
With this impressive surge in its futures activities, a massive 1,820,000,000 XRP has been committed in unsettled contracts during the period, suggesting heightened confidence amid the market rebound.
While XRP has seen its price surge significantly over the last day, reclaiming its multi-week high of $2.28 after hitting an intraday low of $2.12 earlier, its derivatives market has also mimicked the rapid resurgence during the same period.
Technically, the huge resurgence in XRP’s futures activity suggests that more traders are willing to hold positions due to the expectation of a higher price surge as XRP appears to be preparing for a big December.
Data from CoinMarketCap shows that XRP has surged by 3.41% over the last day while trading at around $2.19 as of writing time. This impressive price surge has ignited renewed interest across the XRP community.
Multiple XRP ETF launches restore momentum
Amid the surge in the XRP trading price and its derivatives activities, the ecosystem has witnessed major debuts of multiple XRP ETFs, which has ignited hype for the leading altcoin.
While these XRP ETFs, especially the Franklin Templeton XRP ETF and the Bitwise XRP ETF, are already making waves despite their recent emergence, XRP has become the center of attention amid surging demands from institutional investors.
The fresh wave of interest sparked by the debut of these ETFs has contributed largely to XRP’s impressive resurgence, and traders are anticipating higher price surges in the near term.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team