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The Ripple ecosystem is seeing an impressive trend, with XRP in the spotlight. Per data from CoinGlass, XRP Open Interest (OI) has jumped to 1.55 billion XRP, the equivalent of approximately $1 billion as of the current market trend.
XRP open interest spreads
XRP open interest is growing because the optimism surrounding the coin is currently high. The broader Ripple ecosystem has many things going great, including its newly secured license in Dubai and the forthcoming RLUSD stablecoin.
Gamza KhanzadaevThe positivity around these developments has pushed investors to bet big on XRP. Per the CoinGlass data, Bybit is leading the exchanges with positive XRP OI, as $319.59 million worth of XRP has been opened. Binance comes second with a $311 million volume, and Bitget makes the top three with $199 million.
After a massive spike in early trading hours, XRP OI is not slowing down in tandem with its price. As of press time, the price of XRP has dropped marginally by 0.16% in 24 hours to $0.6289. The trading volume has dropped by more than 47% to $1,440,061,549, as XRP is now following the broader market’s bearish momentum.
Ripple business boost and RLUSD
Ripple Labs is expanding its business to new regions, and the latest Dubai license will help it expand in the Middle East.
The firm is also on track to launch RLUSD, a stablecoin that will maintain a 1:1 peg with the U.S. dollar. The firm has been testing the stablecoin by minting and burning it on the XRP Ledger and Ethereum network.
Though the timeline for the launch remains unknown, the firm plans to secure the right regulatory approval before the token can finally go live. Overall, RLUSD is bound to enhance liquidity for XRP in XRPL pools and boost the coin's price.
Mushumir Butt
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov
U.Today Editorial Team