XRP Major Metrics Plummet, Where Price Heading?

XRP has registered bearish numbers in the last 24 hours of trading in the cryptocurrency market. XRP’s future open interest dropped by 9.72%, with investors committing 1.47 billion XRP to the futures market.

Sharp decline in XRP open interest

According to CoinGlass data, this volume amounts to $3.80 billion. This decline in open interest aligns with a drop in the price performance of XRP within the same period.

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In the last 24 hours, XRP has decreased by a significant 2.92% to exchange at $2.58. The coin has witnessed fluctuations in the last seven days as it looks to reclaim previous levels. The recent dip in price comes after XRP met resistance at the $2.70 level.

XRP began its downward journey in February when its price was $3.03. Within 48 hours, it crashed to $2.10 in a shocking move. The coin could not sustain its rebound to $2.77 and soon began another nosedive until it found support at $2.50.

This current dip in open interest has impacted XRP’s efforts to post a rebound.

Key catalyst ahead of XRP

However, the token might recover soon. In the past 24 hours, trading volume has surged by 46.20% to $5.53 billion. This development comes as investors resume trading in the crypto market.

If sustained, the current momentum might support XRP’s harrowing struggle to reclaim the $3 price level.

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Brazil has approved the first spot XRP exchange-traded fund (ETF) in the broader ecosystem. Although the listing date has not been made public, it signals a massive win for XRP in the South American market.

This is as the U.S. market awaits the Securities and Exchange Commission (SEC) to decide on the pending application of Grayscale for a spot XRP ETF. Aside from Grayscale, other asset managers applying for an ETF include 21Shares and Bitwise.