XRP Price: Open Interest Jumps, Is $3 Rebound Imminent?

XRP price is in the spotlight as the coin has recorded significant developments in the broader cryptocurrency space.

Its Open Interest (OI) has witnessed a slight upsurge within the past few hours.

In the last hour, XRP’s OI climbed by 3.37% and increased by 3.73% during the previous four hours.

XRP’s Open Interest Signals Investor Confidence

Data from CoinGlass shows that the increase resulted in investors committing 1.34 billion XRP in futures Open Interest. This translates to $3.27 billion in the last 24 hours.

This increase in Open Interest signals an uptick in market activity for the fourth-largest cryptocurrency by market capitalization.

Notably, this Open Interest accounts for the number of XRP’s outstanding futures or options contracts in the market. It indicates the amount of money market participants invest in a derivative at a given time.

The uptick in the one-hour and four-hour timeframe implies that more traders have entered futures or options contracts on XRP.

This also signals that market participants have remained bullish on the future outlook of XRP price.

Given recent developments, analysts consider investors to have good reasons to be bullish on the coin. XRP is one of the assets listed for inclusion in the U.S. Strategic Crypto Reserve.

This could drive demand for the altcoin and increase the asset’s value.

Additionally, including XRP in the list of assets has boosted market participants’ confidence that the Securities and Exchange Commission (SEC) could withdraw the Ripple lawsuit.

These XRP news speculations might have fueled the rise in Open Interest. The data shows that Bitget, Gate.io, Binance, and Bybit investors were among the top four exchanges with high open interest figures.

Notably, Bitget registered 29.25% of the total Open Interest or 395.05 million XRP valued at $955.35 million. Gate.io followed with 21.55% or 288.59 million XRP worth $703.96 million.

Binance and Bybit accounted for 19.54% and 16.94%, respectively. The two exchanges recorded 263.52 million XRP and 227.11 million XRP, valued at $638.20 million and $553.31 million, respectively.

XRP Price to $3 Will Flip Tether in Ranking

In the crypto market, XRP price was changing hands at $2.44 as of this writing, representing a 4.82% surge in the last 24 hours.

Despite the price fluctuations, trading volume has climbed out of the red zone and slipped slightly by 0.29% to $13.92 billion.

The rise in the price of XRP to $2.9519 following the news of U.S. President Donald Trump’s Strategic Crypto Reserve move saw the coin temporarily flip Tether to fourth position.

However, with the market volatility, XRP’s ranking is bound to see its ranking change in the short term.

Analysts believe a sustained rebound is feasible if the current positive sentiments trigger increased trading volume. The confirmation of the current rally may be triggered if the XRP price breaks the next psychological level of $3.

XRP News: The ETF Factor

Another factor supporting a potential rally in the price of XRP is the prospect of the SEC approving an XRP exchange-traded fund (ETF).

The regulatory body has acknowledged the filing of XRP ETFs for CoinShares, Bitwise, and Grayscale, among others.

Furthermore, since its launch, the Ripple USD (RLUSD) stablecoin has increased community members’ optimism that it could help boost XRP’s price.

About three months since its debut, RLUSD has had a significant impact and is gaining traction in the stablecoin market.

The post XRP Price: Open Interest Jumps, Is $3 Rebound Imminent? appeared first on The Coin Republic.