XRP Open Interest Surges by 8.43%, Igniting Optimism for Its Future

In the last 24 hours, XRP has experienced a significant shift, igniting optimism for its future.

The cryptocurrency market has experienced a sharp decline in the last 24 hours, yet one cryptocurrency that managed to rise is trading signals optimism.

A significant shift in interest towards XRP has been clocked in the last 24 hours, and it may be igniting optimism for the cryptocurrency’s future.

This is evident in the surging open interest towards the token, especially after its price briefly fell below $2 last week due to the market downturn.

According to data from CoinGlass, the total amount of XRP in open interest has crossed the $3 billion mark. In the past 24 hours alone, investors have locked in 1.40 billion XRP, which is equivalent to $3.07 billion at the current price.

This signals a substantial increase in market activity and interest towards the token.

A significant portion of market activity was clocked on the Bitget exchange ecosystem, which is leading with 29.38% of the total open interest. This amounts to 412.38 million XRP, valued at $901.97 million.

Other major exchanges included Binance, Gate.io, and Bybit. Binance took second place with 287.56 million XRP at an estimated value of $629.32 million. This was closely followed by Gate.io with 275.46 million XRP, rendering a total value of $603.24 million. Lastly, Bybit held open interest in 241.94 million XRP, rendering a total value of $529.84 million.

Shift In Interest Towards XRP As Price Surges Over 8%

This shift in interest towards comes amid a sharp decline in the broader cryptocurrency market.

After briefly dipping below $2, the cryptocurrency managed to recover and is now trading at a price of $2.21 at the time of writing. This represents an increase of 8.23% over the last 24 hours.

suggest that this price swing may indicate a potential upward trend, especially considering the worst of the sell-off might be over. Besides, there’s no imminent “death cross” for XRP.