XRP Poised for Further Gains as Open Interest and Trading Volume Surge

XRP has been making significant strides in the cryptocurrency market as it recovers from previous setbacks. The altcoin has seen a remarkable rebound

XRP price rose 11% in 24 hours to reach $2.40.

XRP open interest surged 19% to cross $2 billion for the first time since December.

XRP price hit a new 2024 high as it eyes $2.50 resistance.

XRP price continued to surge on Monday, rising over 11% in the past 24 hours and breaking above the $2.40 level. The coin experienced a strong price recovery, reaching its highest point since early 2024.

XRP price recovered over 11% in 24 hours to reach $2.40 on Monday morning. The coin price surged as both its open interest (OI) and trading volume experienced impressive increases. Open interest, a key indicator of market participation and liquidity, surged by 19%, crossing the $2 billion threshold for the first time since December 2024.

On January 3, 2025, XRP open interest hit a substantial $2.29 billion, up from $1.93 billion the previous day. This surge signaled a growing participation in XRP’s futures market, highlighting increased confidence in the asset and its potential for further price growth.

Increased open interest is often seen during periods of significant price movements, and XRP’s performance was no exception. On Christmas Day 2024, XRP’s open interest rose by 46% as its price surged above the $2.32 mark. This pattern suggested that growing market activity, as reflected by both open interest and trading volume, was strongly correlated with bullish momentum and upward price movements.

In addition to the rise in open interest, XRP’s trading volume also skyrocketed, increasing by 153% over the last 24 hours. According to CoinMarketCap data, XRP’s trading volume reached $10.97 billion, marking the highest 24-hour volume in 11 days. This surge in volume showed that both traders and investors were actively engaging with XRP, contributing to its price recovery and fueling the asset’s upward momentum.

XRP price tested new price levels and showed signs of strength. Trading at $2.40 and attempting to break through resistance levels, XRP’s market capitalization was now at $137.73 billion, following Ripple’s recent escrow unlock. This indicated continued growth and an expanding presence in the market.

Several analysts were predicting that XRP could reach ambitious targets in 2025, with some projecting a price of $27 based on the current market momentum. The recent surge in both open interest and trading volume supported these bullish forecasts, as investors and traders showed increasing interest in the altcoin.