XRP Open Interest up 1.69% in Dramatic Push for Revival

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XRP continues to push forward in its efforts to bounce back from a prolonged significant decline. Despite a 20% drop in value this year, rising open interest (OI) has sparked optimism among investors regarding potential price recuperation. According to Coinalyze, the OI for XRP has increased by 1.69% within the last 24 hours on the futures market.

According to the information available, the size of perpetual contracts for XRP is approximately $365.1 million, while that of futures is around $5.9 million. Binance is the leading exchange in terms of XRP open interest with a total volume of about $157.1 million. This surpasses Bybit’s cumulative volume of roughly $150.9 million.

XRP has undergone consistent pressure in its value over the last few weeks. Currently, the coin is being traded for $0.5001, representing a 3.01% rise in the last day. This noteworthy increase mirrors the influence of certain market indicators, such as open interest, which have revived optimism.

During the planning of the comeback, there’s been an intriguing surge in trading activity, resulting in a significant increase of 9.27% to a total of $1,752,129,473.

Shunning XRP headwinds

XRP’s journey toward expansion is quite evident, but some significant challenges loom on the horizon. One of these obstacles is the continuous legal dispute between Ripple Labs Inc., the blockchain payments company, and the US Securities and Exchange Commission (SEC).

In this stage of the lawsuit, speculation abounds regarding a possible settlement. The regulatory body is reportedly seeking a penalty of approximately $2 billion against Ripple for allegedly breaching securities laws during the sale of XRP to major investors.

As Ripple challenges this hefty penalty, investors are being careful not to become involved unwittingly and may be waiting for the resolution of the case before making significant investments in the coin.

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2024-04-18 19:17