NewsBTC
9 hour ago
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XRP Open Interest Falls to Lowest Since 2024 Amid Market Shift

XRP Open Interest Decline

  • XRP’s open interest on Binance has reached its lowest level since 2024, dropping to $453 million.
  • This indicates a significant reduction in leverage usage and reflects a shift in trader behavior.
  • Earlier in the year, XRP futures contracts surpassed $1 billion, coinciding with price surges.
  • The decline suggests a move away from speculative trading to reliance on genuine spot demand.

XRP

Potential for a New Rally

  • Analysts suggest XRP may prepare for another rally, though not necessarily matching last year's 600% surge.
  • Niels notes a similar structure forming as seen before a previous all-time high, suggesting a potential push above $2.
  • Chart Nerd predicts a new all-time high, estimating XRP could reach $4.5 in the first half of next year.

Currently, XRP is trading at approximately $1.84, experiencing a slight decrease over the last 24 hours.

XRP