XRP witnesses increased demand and bullish sentiments as Bitrue sees a spike in its XRP futures holdings to $800 million in just two days.
Bitrue, a prominent crypto exchange, has witnessed a remarkable surge in XRP Futures holdings by users of its platform, with the total value spiking by over 300% over the past two days.
In a recent email to its users, Bitrue disclosed that the notional value of open interest on its platform skyrocketed from under $200 million to $800 million in just two days. Furthermore, 88% of Bitrue users had taken long positions on XRP, indicating a strong bullish sentiment.
Cowboy Crypto, a Texas-based XRP community influencer, drew public attention to the email in a recent tweet.
A chart shared by Bitrue shows that the notional value of open interest on the platform had declined to a value of less than $200 million from Jul. 3 to Jul. 13. However, the exchange observed an uptick from Jul. 14 following the ruling on the Ripple vs. SEC case.
This marked uptick skyrocketed the notional value of open interest to $800 million by Jul. 16. For the uninitiated, notional value refers to the total value of a particular asset that market participants have committed to buying or selling in the future.
Open interest represents the number of outstanding contracts for a specific asset at any given time. The disclosure from Bitrue provides information about the overall size of XRP positions its users hold. Interestingly, 88% of these users hold long XRP positions.
Moreover, XRP trading volume on Bitrue has seen increased over the past few days. In the last 24 hours, Bitrue has witnessed $47.8 million in XRP volume on spot trades. However, its perpetual market observes a more impressive figure, with XRP/USDT pair seeing a 24-hour volume of $1.13 billion, per CMC.
Demand for XRP Skyrockets
This significant development comes in the wake of the recent ruling by Judge Analisa Torres in the Ripple case. On Jul. 13, Judge Torres declared that XRP is not a security, leading to a positive market sentiment surrounding the asset.
As a result, XRP experienced an impressive rally, with its value increasing by 99% from $0.4710 to $0.9380 on the same day. Subsequently, numerous exchanges relisted XRP, and trading volumes soared as investors reignited their interest in the cryptocurrency.
The Crypto Basic reported yesterday that demand for XRP had skyrocketed to record highs. Notably, XRP’s 24-hour trade volume hit a high of $10.4 billion on Jul. 13. This figure represented the highest trade volume for XRP since August 2021. XRP also saw over 1 million trades per minute globally.
The disclosure from Bitrue further underscores the growing interest in XRP following the favorable ruling in the Ripple case. Interestingly, the ruling made XRP the only asset in the US with regulatory clarity. This reality has contributed to the surging interest.
Meanwhile, XRP is changing hands at $0.7417 as of press time. The asset is down 1.01% over the past 24 hours but up 55% in the last seven days.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2023/07/18/bitrue-users-hold-800m-worth-of-xrp-with-88-of-users-in-long-positions/?utm_source=rss&utm_medium=rss&utm_campaign=bitrue-users-hold-800m-worth-of-xrp-with-88-of-users-in-long-positions