Ripple-Linked XRP continues to give investors a competing signal to the broader cryptocurrency market. Despite bullish news of its potential in the US Strategic Cryptocurrency Reserve (SCR), prices have not increased in value.
XRP spikes open interest spikes despite price drops
However, Coinglass data shows a significant surge in XRP’s open interest over the past 24 hours. The Altcoin-holding investor has committed XRP 1.43 billion to open profits as a big bet on the assets. This volume is valued at $33.5 billion in market value today.
This indicates an increase in market activity as participants continue to exchange coins in anticipation of the meeting. Traders are betting on XRP to register price upward movements supported by strategic crypto sanctuaries and other developments.
Prices have not yet experienced a rise, but analysts claim that the market can witness a shift anytime.
At the time of writing, the XRP had changed hands at $2.31. This represents an 8.97% decrease over the same 24-hour period when open interest recorded the spike. Additionally, trading volumes rose 10.43% to $7.38 billion.
On the one hand, these conflicting indications between prices and trading volumes and the surge in open interest on the other sparked concern.
Will XRP recover and try to get $3?
Some traders hoped XRP would ride SCR sentiment towards the $3 level and hoped they could retest the highest ever $3.84. However, we do not welcome the addition of XRP to the strategic crypto sanctuary.
Despite this slow growth, traders from Bitget, Gate.io, Binance and Bibit continue to operate in the crypto space.
In particular, Bitget Exchange has led to a total open interest trend of $967.01 million at 28.89% of the total, or 41,495 million XRP. Gate.io is equivalent to $79,050 million at 23.62%, or 338.75 million.
Binance and Bybit saw 18.08% and 16.14%, respectively. Binance’s XRP was $605.23 million, at $259.54 million, while Bybit recorded 231.65 million, worth $540.45 million.
As traders bet on XRP futures, experts predict this could continue and lead to a recovery if trading volume recovers.
