Ripple’s XRP has been all the rage lately, and that’s to be expected.
The company won a massive victory in the legal clash against the US Securities and Exchange Commission last week, sending XRP prices into the stratosphere. It exploded by more than 70% on the news, pushing the entire market with it. Now, XRP has broken another yearly record.
- Throughout the past few days, the open interest in XRP futures contracts has skyrocketed. This follows the ruling that secondary sales of XRP do not constitute investment contracts.
- As a consequence, a lot of exchanges that had previously delisted the cryptocurrency listed it again, prompting an influx of open positions.
- Today, the open interest stands at $1.05 billion across multiple exchanges, and the only time it was higher was on July 13th, when it was $1.08 billion.
- This is the highest XRP futures open interest has been since the beginning of the year.
- Open interest is calculated by summing up all the open positions, regardless of whether they are long or short, and subtracting those that have been closed.
- It is a metric that could provide valuable insights and help make better investment and trading decisions.
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Source: https://cryptopotato.com/ripple-xrp-breaks-another-2023-record-today-heres-what/