XRP Open Interest Surges by 8.43% Leading Some to Hope for a Positive Future Outlook

In the last 24 hours, XRP has witnessed a significant shift, leading some to hope for a positive future outlook. XRP's open interest has surged by a substantial 8.43%

Recently, there has been a significant shift in the cryptocurrency market, with investors eagerly watching for any sign of coins’ resilience. In the last 24 hours, a surprising development has unfolded.

According to CoinGlass data, a 1.40 billion XRP was committed in open interest valued at $3.07 billion. This marks a 8.43% surge in the last 24 hours.

This new development highlights a shift from the broader cryptocurrency market's collapse.

Indeed, the crypto market saw a sharp downturn in the past week, and to bodies in the industry, the collapse of a major crypto lender, Celsius, sparked the downturn.

However, the surge in open interest coincides with an uptick in the value of XRP. In the last 24 hours, the asset has climbed by 8.23% to trade at $2.21.

After dipping briefly to lows of $1.97, XRP staged a comeback, momentarily breaching the $2.30 level. Its ability to recover signals the coin's resilience to remain high-performing.

Some analysts believe that the positive swing in the value of XRP signals a potential upward trajectory for the asset.

Also, the current upsurge in open interest shows market participants are growing bullish with XRP despite the recent setback in price and massive sell-off.

Some believe the huge sell-off in the XRP market might have passed, particularly since there is no imminent death cross for XRP.

An impending ‘death cross’ occurs when a security's short-term average price falls below its long-term average price. In technical analysis, a death cross is a bearish pattern that signals that the previous uptrend has ended and that the price is likely to continue moving lower.

The 50-day moving average is fast approaching the 100-day moving average on the 4-hour chart. A further decline in price could intersect with the 100-day moving average, ultimately creating the death cross.

However, the bullish traders might want the 50- to 100-day moving average to hold to keep the bulls in play.

Meanwhile, CoinGlass data shows that many market participants were most active in the Bitget exchange ecosystem.

Bitget accounted for 29.38% of the total open interest, with 412.38 XRP valued at $901.97 million. Other notable exchanges featured were Binance, Gate.io and Bybit. These registered 20.5%, 19.65% and 17.25%, respectively.

Binance came second, with 287.56 million XRP worth $629.32 million. It was followed by Gate.io, which registered 275.46 million XRP worth $603.24 million. Bybit had 241.94 million XRP valued at $529.84 million.

Experts maintain that a leap in the trading volume of XRP in the coming days could support the coin to reclaim previous highs.