The open interest in XRP surged by 8.43% in just 24 hours. This means more people are betting on the cryptocurrency.
Open interest is the number of XRP contracts that have not yet settled and are still outstanding. When this number increases, it usually means traders are expecting the price to move in a particular direction. Right now, many are hoping for a price rally.
According to CoinGlass, the total XRP open interest has hit $3 billion for the first time, which rounds up to $3. 07 billion. In the last 24 hours, 1.40 billion XRP were locked in, which shows a big increase in market activity.
A large amount of the activity took place on Bitget exchange, which made up 29.38% of the total open interest. This is a huge share, equating to 412.38 million XRP, worth $901.97 million.
Other major exchanges like Binance, Gate.io, and Bybit all had a huge amount of trading activity in XRP, helping to push the open interest higher.
Meanwhile, the price of XRP has been consolidating over the last couple of days but recently managed to gain 8.23% to $2.21. The price briefly dropped below $2 last week because of the market crash.
This bounce back is expected, especially since SEC might soon drop its case against Ripple. The agency has been dropping some of its cases against over exchanges and platforms.
Once the lawsuit is over, XRP trading could pick up. Exchanges like Coinbase and Kraken may expand trading pairs, and Binance.US could relist XRP.
However, the recent price hike is giving a lot of traders hope that XRP might continue with its higher highs. They see this price swing as a sign that the worst of the market crash is over.
In addition, traders are waiting for any news about the approval of an Exchange-Traded Fund (ETF) for XRP. If this goes well, it will drive more institutional investment into the XRP market.
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