21 hour ago
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XRP Open Interest Surges 80%, Signaling Potential Price Movement
XRP has experienced a significant increase in open interest for its derivatives, rising by 80% over a four-hour period. This suggests heightened leveraged trading activity around the asset.
- The spike indicates aggressive opening of new positions by traders, contrasting with prior lower engagement and reduced derivatives activity.
- Open interest surged to around 1.74 billion XRP, equating to approximately $3.26 billion in market exposure.
Impact on XRP Price
- Despite slow price movement, currently trading at $1.87, XRP saw a modest 0.3% increase in the past 24 hours.
- The rapid increase in open interest alongside a slight price uptick suggests bullish sentiment among traders.
- If prices rise past resistance levels, the high open interest could drive further upward momentum.
- Conversely, if prices stall or decline, the leverage could lead to a significant pullback.
