- 1,930,000,000 XRP staked
- XRP ETFs become slow but steady
XRP has failed to recover from its recent price crash amid the prolonged volatility faced by the broad crypto market. While it has only continued to plunge deeper in the red territory, its derivatives market is beginning to show contrasting signals.
On Thursday, Feb. 5, the XRP derivatives market is finally showing signs of a potential resurgence after multiple days of extreme weakness.
According to data from CoinGlass, XRP has seen a sudden increase of 4.28% in its open interest over the past day, while it has surged higher by about 5% over the past four hours, suggesting shifting sentiment among investors.
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1,930,000,000 XRP staked
While it appears that XRP futures traders are gradually holding back on withdrawing their positions, the data further shows that the total number of active futures contracts involving XRP that have not been settled has slightly increased to 1.93 billion XRP.
As such, the rising open interest in XRP has seen traders commit XRP tokens worth about $2.96 billion into active futures contracts over the past day, suggesting that investors are regaining confidence in the future prospects of the asset.
While XRP is still reflecting a daily price decline of about 12%, the sudden increase seen in its open interest during the same period suggests that investors have become positive, and they are now optimistic about a possible breakout.
Although XRP is yet to show signs of a positive price reversal, the strong on-chain performance has convinced holders that the asset might already be due for a major resurgence after the massive crypto market crash.
XRP ETFs become slow but steady
XRP ETFs have also maintained resilience as they have remained steady with fresh capital intake; however, their performance has remained weak amid broader crypto market volatility.
Although XRP has returned to the 2024 level in its price, institutional demand for the asset still remains steady yet low, suggesting that investors are still hopeful about a potential breakout in the price of the asset. During their last trading session, they have pulled in a decent $4.83 million in inflows, led significantly by the Franklin Templeton and Bitwise XRP ETF.
Source: https://u.today/xrp-flashes-possible-recovery-signs-with-193-billion-tokens-staked
