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XRP is not relenting in its quest to recover from its protracted mega-slump. For a coin that has seen a 20% slump in the year-to-date (YTD) period, the current uptick in its open interest (OI) has reignited bullish sentiments on potential price recovery. Per data from Coinalyze, XRP’s open interest has jumped 1.69% in 24 hours on the futures market.
Gamza KhanzadaevPer the data, perpetual contracts come in at $365.1 million, while futures come in at $5.9 million. Binance exchange represents the biggest market for XRP open interest, with a total volume of $157.1 million. The trading platform edges out Bybit with a cumulative volume of $150.9 million.
XRP has recorded a sustained stress test in its price over the past few weeks. At the time of writing, the coin is changing hands for $0.5001, inking a 3.01% surge in 24 hours. This is a major reflection of the impact of some of its market metrics, like the open interest that has helped reboot sentiment.
As the revival is being plotted, the trading volume has also shown a unique uptick of 9.27% to $1,752,129,473.
Shunning XRP headwinds
The path to growth for XRP is very clear, however, some visible headwinds remain. One of the most pervasive is the ongoing lawsuit between blockchain payments firm Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC).
Alex DovbnyaThe lawsuit has entered its remedies phase with different rumors about a potential settlement. Notably, the market regulator is asking for a $2 billion fine for Ripple’s violation of securities law when it sold XRP to institutional investors.
While Ripple is contesting this heavy fine, investors are cautious not to get caught in the mix and possibly awaiting the completion of the case before going all in on the coin.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov