Ripple’s native crypto, XRP is stealing the spotlight as its price hits levels not seen in the last 3 years. Beyond price gains, futures open interest (OI) also hit a record $2.10 billion, hinting at a surge in traders’ activity. Investors are anticipating a possible repeat of XRP’s 2018 rally to $3.
XRP price has made a massive comeback this week, surging by over 95% to outperform Bitcoin (BTC) and Dogecoin (DOGE). Even as it endures a minor dip, its momentum remains strong.
XRP futures open interest hits $2.12B
Per data shared by Coinglass, XRP futures OI soared by 11% in the last 24 hours to hit a fresh milestone of $2.12 billion. Traders are betting big on volatility as short bets account for 50.85% (approximately $6.74 billion), slightly outnumbering longs (approximately $6.51 billion).
Data shows that more than $17 million worth of long and short positions were liquidated in the last 24 hours. Over $9.6 million worth of liquidated bets turned out to be long positions (approximately $9.67 million). This suggests that bears were not anticipating XRP’s price surge. Meanwhile, the liquidated bullish traders did not expect a dip to disturb the momentum.
Ripple’s price jumped by another 8% in the last 24 hours, adding to its 108% surge in the past 30 days. XRP is trading at an average price of $1.13 as of press time. Meanwhile, it is still down by 70% from its all-time high of $3.84, recorded on January 4, 2018.
This comes in after Bitcoin took time off from hitting back-to-back ATHs. BTC price is up by over 10% in the last 7 days, trading at an average price of $90,571.
Legal battles and tech upgrades
Regulatory clarity and upcoming tech upgrades are fueling XRP’s rise. With OI and price climbing simultaneously, signs suggest new money driving the trend, which is a bullish indicator.
Its recent gains kicked off late Thursday as 18 US states filed a lawsuit against the US Securities and Exchange Commission (SEC), accusing the regulator of unconstitutional overreach on crypto. This legal challenge has sparked speculative optimism among investors for a crypto-friendly future under the Trump administration.
Ripple Labs and Uniswap (UNI) stand to benefit as regulatory clouds appear to clear.
Ripple’s soon-to-be-launched RLUSD stablecoin could be a game changer for XRP. It will integrate into Ripple’s cross-border payment products, enhancing liquidity, lowering costs, and increasing transaction speed. RLUSD could connect to DeFi protocols across multiple blockchains, unlocking new potential for XRP’s use cases in decentralized finance.
Source: https://www.cryptopolitan.com/xrp-open-interest-bulls-in-charge/