Over the past week, XRP has been advancing on an optimistic trend, leading many to believe it could soon break its previous record high (peak). Currently, XRP is only 17.74% below its all-time high (ATH) of $3.84, which it reached in January 2018.
XRP Open Interest surge fuels optimism
The asset peaked at $3.31 during initial trading but later corrected slightly and dropped to $3.17. Analysts believe this drop represents XRP going into a reset phase, potentially preparing for another all-time high (ATH). According to predictions, the XRP Open Interest data suggests that this rebound is imminent.
Based on information from CoinGlass, the commitment to XRP Futures trading has seen impressive numbers, even amid a price decline. Over a 24-hour period, approximately 2.34 billion XRP were involved in futures contracts. Translated into US dollars, this volume of Open Interest equates to a significant $7.41 billion.
As an analyst, I’ve observed a significant trend: Bitget, Bybit, Gate.io, and Binance are the platforms where traders have made the highest open interest commitments, suggesting that they anticipate another surge for XRP. In simpler terms, these crypto exchange users seem to believe that XRP is poised for another rally.
On top, Bitget dominates with approximately 25.77% of the total trading volume, amounting to about $1.91 billion. Close behind is Bybit, recording around 20.83%, or $1.54 billion in trading volume. Gate.io and Binance follow closely, accounting for 20.69% and 19.65% respectively, with trading volumes of approximately $1.53 billion and $1.46 billion each. In total, these four exchanges account for an impressive 86.94% of the overall trading volume.
Broader market dynamics and regulatory change
Specialists view this increase in Open Interest numbers as a sign that traders dealing with XRP are growing more assured in their decisions.
Multiple factors influencing the wider financial market may have fueled the surge in popularity for XRP. Notably, XRP’s remarkable progress has resulted in a stunning escape from its initial position, surpassing both Bitcoin and Ethereum in performance.
There’s been a lot of talk among some investors suggesting that XRP has entered a period where its price is being determined independently, due to its recent surge past $3 for the first time in roughly seven years.
Experts are closely monitoring how XRP may fare in the near future following the inauguration of the new U.S. President on January 20, especially since Paul Atkins has been appointed as the new Chair of the Securities and Exchange Commission.
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2025-01-18 18:57