XRP open interest has taken a new leap as the crypto market consolidates after weeks of brutal, choppy sell-offs. Data from CoinGlass shows open interest has jumped by up to 4% in the past 24 hours. The revival in XRP open interest is symbolic, with hopes it can stir a major price rebound.
XRP open interest by numbers
The CoinGlass data pegs the actual open interest at 1,980,000,000 XRP. This futures open interest is valued at exactly $4,180,000,000 as of writing, based on the actual price of the coin.
XRP open interest is a good measure of the demand for the coin, especially with the recent liquidation imbalance. Crucial events like the last Ripple Swell are known to boost the XRP open interest outlook.
According to the CoinGlass data, CME dominated the XRP futures market with an open interest share of over 25%.
The Binance exchange also proved popular for the Ripple-associated coin. The total XRP locked in the futures market on Binance came in at 286.24 million coins, worth over $624 million.
The growth in the XRP open interest is slightly deviated from the price outlook. As of writing, the price of XRP was pegged at $2.1, down by 1.77% in the past 24 hours.
Despite the divergence, the open interest marks a positive shift that may guide traders’ sentiment in the short to midterm.
Ripple ecosystem as XRP catalyst
XRP was once a well-battered altcoin, but with the current rebound shift, the coin has what it takes to outperform the broader market.
As reported earlier, the XRP price outshone that of Bitcoin and Cardano in weekly gains, a major shift in outlook this month.
The Ripple Labs ecosystem has a series of ongoing positive events that can reshape the demand for the coin in the long term. With the growing focus on RLUSD to attract liquidity, XRP might be the net beneficiary in the long term.
In addition, the growing focus on XRP Ledger and tokenization is helping the payments firm dip its foot in the mainstream capital markets. The overall implication is the recognition of XRP as a bridge asset for the most important settlement transactions.
With the XRP open interest forming the biggest spotlight, the crypto market has shown signs of recovery. Ultimately, this can help revive the historically bullish rally that December is known for.
Source: https://u.today/4180000000-in-24-hours-xrp-open-interest-takes-major-leap
