As a seasoned crypto investor with scars from the 2017 bull run etched deep into my trading strategy, I find myself intrigued by XRP‘s current performance. The surge in open interest to a record $2.6 billion and the potential launch of an XRP ETF have piqued my interest.
The amount of active future or options contracts for XRP, known as open interest, has reached an all-time peak of $2.6 billion, as per the data from CoinGlass.
Based on information from Maartunn, an analyst at CryptoQuant, it’s suggested that Gary Gensler’s announcement about stepping down as SEC Chair played a significant role in the rise of Open Interest (OI).
Interest in cryptocurrency has increased significantly due to the anticipation surrounding potential Exchange Traded Funds (ETFs) focused on XRP, such as those suggested by Bitwise and Canary Capital. These ETF proposals aim to mirror the value of the Ripple-linked digital coin. (Source: U.Today)
Based on data from CoinGlass, the open interest for XRP decreased by approximately 4.1% within the last 4 hours. As of now, its value is around $2.26 billion.
In simpler terms, the digital coin linked to Ripple is doing exceptionally well compared to other cryptocurrencies. At present, it’s being traded for around $1.41 on the Bitstamp platform.
On Monday earlier this week, XRP hit its peak at $1.52 during the day. But it later lost some of those gains because of Bitcoin‘s decline. In fact, Bitcoin has experienced a significant fall to around $94,000. Currently, the probability that XRP will surpass $100,000 before December stands at only 36% on the Kalshi trading platform.
Regardless of Bitcoin’s lackluster performance, XRP continues to thrive in the positive zone, registering a 7% increase. This puts it ahead of most significant alternative coins.
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2024-11-25 19:02