XRP Open Interest (OI) surges 19% to surpass $2 billion as trading volume hits weekly high amid ongoing price rally.
For comparison, XRP’s recovery follows a comparable recovery across the market. However, the altcoin appears to be on top as it is up an impressive 11% in the last 24 hours and has retested the $2.40 price area.
This upward push follows that of XRP impressive closing price above $2 last year2024. Notably, this was the first time in its history that the crypto asset ended a year above the $2 mark. As sentiment grows amid improved sentiment, interest in the asset has skyrocketed in the spot and futures markets.
XRP Open Interest Rises 19%
Especially data from Coinglass confirmed that XRP Open Interest hit a high of $2.29 billion today, an impressive 19% increase from the previous day’s $1.93 billion, Be New Year.
Interestingly, the latest value of $2.29 billion marked the first time since Boxing Day, December 26, 2024, that XRP open interest in the futures market exceeded $2 billion, corresponding to a six-day corresponds to the maximum value. Open interest refers to the total number of outstanding derivative contracts. An increase typically indicates an increase in market activity and liquidity.
Notably, these spikes in XRP open interest appear to occur in parallel with comparable price increases. A similar 46% increase in OI on Christmas Day was accompanied by a rise in XRP price above $2.32.
However, as Open XRP interest Due to a decline in market activity and liquidity, prices also fell and the broader market experienced a…
