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XRP in the last seven days grew by 8.60% amid the ongoing crypto market rally. The ecosystem has also received positive news concerning its legal battle with the U.S. SEC. XRP, therefore, looks set to attempt new levels with open interest signaling investors’ confidence.
Futures market shows strong backing for XRP
As per CoinGlass data, in the last 24 hours, XRP’s open interest rose by 5%. A total of 1.99 billion XRP valued at $4.74 billion were committed by traders to the asset’s future.
Open interest indicates the number of futures contracts investors have opened on XRP in fiat currency. The $4.74 billion emphasizes XRP holders' confidence in the asset's future price rally.
An analysis of the data shows that these XRP holders are more dominant on Bitget, Gate.io, Binance and Bybit.
Bitget registered the highest open interest with 28.27% or 564.63 million XRP worth $1.34 billion. At a distant second was Gate.io with 16.32% or 325.34 million XRP valued at $774.51 million.
Binance and Bybit came third and fourth, with a total of 321.97 million XRP and 318.64 million XRP, respectively. In that order, their fiat values are $766.55 million and $758.91 million.
XRP price maintains uptrend despite volume dip
Meanwhile, XRP is trading at $2.39 in the crypto market, representing a slight increase of 0.16% in the last 24 hours.
XRP remains poised to test the $3 price level. It was aiming for $2.50 before it faced resistance at $2.42. This was likely due to the drop in trading volume, which dipped by 37.50% to $4.27 billion. A spike in volume could support XRP to $3.
Many expect a shift with the Securities and Exchange Commission (SEC) and Ripple finally reaching an agreement on their almost five-year legal battle.
XRP will likely gain more appeal with investors moving on, which could support its growth to the $3 target. As reported by U.Today, BlackRock’s representatives have already met with the SEC, and some are speculating that the asset manager might soon file an XRP exchange-traded fund (ETF).
Vladislav Sopov