XRP Futures Open Interest Drops 21% While Whales Accumulate 60 Million XRP
XRP has decreased by 14% from its July 18 peak of $3.66, currently trading at $3.13 after a 68% rise from $2.17 earlier in July. This correction follows a decline in open interest in XRP futures from $11.2 billion to $8.57 billion, reflecting reduced market leverage as traders explore new opportunities.
Key points:
- 21% drop in open interest indicates many traders have closed positions or faced liquidations.
- Traders speculate on potential cascading liquidations, warning XRP could fall below $2.60 if volatility persists.
- Whale wallets accumulated 60 million XRP on July 29, indicating larger players view the dip as a buying opportunity.
ETF Developments and Coinbase Futures Launch
Coinbase plans to launch nano XRP and SOL perpetual futures for US traders on August 18. The nano XRP contract will represent 500 XRP, settled in US dollars, with an expiry date in December 2030. This move aims to enhance market access for US investors.
Current sentiment remains mixed:
- Long-term holders express optimism despite cautious short-term trading due to falling open interest.
- XRP tests important support levels around $3.12; a breakdown may lead to a lower target near $2.67.
The Relative Strength Index (RSI) suggests neutral momentum at 57 but indicates potential bearish pressure if it continues to decline. Traders should monitor the critical $3.00–$3.12 zone for signs of renewed bullish momentum, with resistance remaining at $3.66.
TOKEN6900 Presale Gains Momentum
While XRP holds above $3, attention shifts to meme coin TOKEN6900 ($T6900), which has raised $1.44 million during its presale. Offering no promises and inspired by internet culture, it appeals to yield-seeking investors with a 42% APY for staking during the presale.
Presale details:
- Ticker: T6900
- Current presale price: $0.006775
- Amount raised so far: $1.44 million