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Over the past seven days, XRP has soared by over 60% as its price climbed steadily from $0.68 to a yearly high of $1.256. This is a clear indication that XRP has benefited from the ongoing bull run on the market. A deep dive into XRP’s performance shows that the asset might climb further, going by its Open Interest data.
XRP and Open Interest outlook
According to CoinGlass data, XRP’s Open Interest (OI) stood at 1.68% in 24 hours. However, the figures changed significantly in the past four hours, with OI now at 5.13%. The total Open Interest now stands at 1.71 billion XRP within the time frame, valued at $1.91 billion.
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For clarity, Open Interest data provides insight into the total outstanding derivatives contracts on the market. It helps traders understand how exposed they are to an asset, in this case, XRP.
A 5.13% increase in XRP’s Open Interest signals that more traders are entering the market to purchase the asset. This heightened buying activity could suggest an attraction triggered by the price performance of XRP in the last seven days.
The increased trading activity across different exchanges shows Bybit in the lead, with 578.17 million XRP worth $651.96 million. Binance and Bitget completed the top three spots, with 496.99 million XRP and 358.60 million XRP, respectively.
Watchful eye on Ripple’s RLUSD stablecoin
This uptick in open interest might improve liquidity for XRP, as its price has retained a 1.12% uptick to $1.126. Analysts say if XRP sustains this momentum, traders could execute large trades without significantly causing price volatility.
While traders and investors continue to monitor key metrics in the XRP community, interest remains in Ripple’s RLUSD stablecoin. As reported by U.Today, the broader crypto community was stirred when a series of RLUSD transfers were recently made.
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Stakeholders remain observant of the stablecoin’s testing progress and hope nothing will upset Ripple’s plans. Concerns arise because of the sensitivity surrounding stablecoins due to issues from the UST and TerraLuna projects.
The broader crypto industry looks forward to the end of the year, when Ripple plans to launch RLUSD.
