XRP recently surpassed $1 billion in open interest on Binance, reflecting heightened trading activity as investors respond to recent Ripple developments.
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XRP Futures Open Interest reached $1.33 billion on Binance, with trading volumes exceeding $3.82 billion.
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The XRP/USDT trading pair contributed $1.05 billion to the total open interest.
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XRP Futures Trade Count hit 4.04 million, the highest on any major crypto exchange.
XRP’s open interest on Binance has surpassed $1 billion, driven by recent Ripple developments. This surge indicates a bullish sentiment among investors.
| XRP Futures Open Interest | Volume | Trading Pair Contribution |
|---|---|---|
| $1.33 billion | $3.82 billion | $1.05 billion (XRP/USDT) |
What is XRP Open Interest?
Open interest (OI) is the total number of outstanding derivative contracts that have not yet been settled. XRP’s open interest recently surpassed $1 billion on Binance, indicating increased market activity.
Why is XRP’s Open Interest Increasing?
The surge in XRP’s open interest is largely attributed to recent developments in the Ripple-SEC case, which concluded with both parties filing a joint dismissal of their appeals. Additionally, Ripple’s acquisition of Rail for $200 million has sparked investor interest.
Frequently Asked Questions
How does open interest affect XRP’s price?
Open interest can impact XRP’s price by indicating market sentiment. A rising open interest often correlates with increased trading activity and potential price increases.
What are the implications of Ripple’s recent acquisition?
Ripple’s acquisition of Rail for $200 million is expected to enhance its capabilities in global payments, potentially increasing XRP’s utility and value.
Key Takeaways
- XRP’s open interest has surpassed $1 billion: This reflects increased trading activity and investor interest.
- Ripple’s recent developments: The conclusion of the Ripple-SEC case and the acquisition of Rail are significant factors driving market sentiment.
- Market indicators: An inverted hammer pattern suggests potential bullish movement for XRP in the near term.
Conclusion
XRP’s recent surge in open interest on Binance highlights a growing bullish sentiment among investors, particularly following recent Ripple developments. As the market reacts, XRP may see further price movements, especially if key resistance levels are breached.
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XRP, the third largest cryptocurrency by market capitalization, surpassed $1 billion in open interest on major crypto exchange Binance, in the last 24 hours, according to CoinGlass data.
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Open interest (OI) refers to the total number of outstanding derivative contracts (futures and options) that have not yet been settled.
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Exchange XRP Futures Open Interest hit $1.33 billion on Binance, with volumes surpassing $3.82 billion, the highest on major crypto exchanges. Contributing to the surge in open interest is the XRP/USDT trading pair, which accounted for $1.05 billion of the total figure.
XRP’s open interest on Binance has surpassed $1 billion, driven by recent Ripple developments. This surge indicates a bullish sentiment among investors.
XRP prints inverted hammer, $4 next?
After three days of dropping from Aug. 8 high of $3.38, XRP reversed course, posting an inverted candlestick pattern in the early Monday session.
An inverted hammer is a bullish reversal candlestick that usually appears when prices are declining, indicating that the market may soon change direction.
If this pattern is confirmed for XRP price action, bulls may seek to revive the recent uptrend with eyes on a decisive breach of key resistances at $3.38 and $3.66 to aim for $4.
The daily RSI has flattened while still being above the midpoint 50 level. This suggests the possibility of range-trading in the coming sessions, while presenting a slight advantage to the bulls. Support is expected at the 50-day SMA at $2.81 in the event of a drop.
