XRP Surges as Open interest Soars
XRP has climbed to $2.58, showing a 20% jump in the last week.This growth outpaces the broader crypto market, which has risen by 13% in the same period. The rise in price is matched by a surge in derivatives trading. Open interest, or the total number of active futures contracts, has spiked by over 40%.
According to Glassnode, XRP’s futures open interest has risen from $2.42 billion to $3.42 billion. This $1 billion increase signals more traders are betting on XRP’s future.It’s a sign that more money is flowing into the market. Traders are getting more interested in XRP, hinting at a possible big move ahead.
Open interest is a key metric.It shows the number of open futures contracts. The jump from $2.42 billion to $3.42 billion in just seven days is a strong indicator.It suggests traders are getting more bullish.The rise in open interest usually means new investors are entering the market.It’s a bullish sign for XRP.
Technical analysis also supports this bullish trend. XRP is now above key moving averages. These include the 10-day, 50-day, and 200-day averages.The Relative Strength Index (RSI) is at 68, nearing but not in the overbought zone. This suggests the trend could keep going up.
Institutional investors are also showing more interest. The XXRP ETF, which lets big players invest in XRP, has seen five weeks of continuous inflows. Last week, it brought in $14 million, up from $10 million the week before. The fund now holds over $99 million in assets.
There’s also talk that spot XRP ETFs might get approved by the U.S.SEC soon. Polymarket gives this an 80% chance. If approved, jpmorgan predicts XRP ETF inflows could hit $8 billion in the first year, beating Ethereum ETF inflows as september 2024.
With strong technicals, growing institutional backing, and rising open interest, XRP seems poised for a big move if these trends continue.