XRP Open Interest Hits 1.5 Billion, As Ripple Taps Dubai License

XRP Open Interest on all crypto exchanges has exceeded 1.5 billion XRP tokens. According to CoinGlass data, the figure is approximately 1.55 billion XRP as of writing, equivalent to almost $1 billion. This figure comes at a time when the price of XRP was trading at $0.6289. XRP lost 0.07% of its value in the last 24 hours.

Bybit Surpasses Binance And Coinbase in XRP Open Interest

For context, Open Interest (OI) describes the total number of outstanding derivative contracts not settled for an asset. An increase in OI and price typically indicates that liquidity is entering the market. However, should the price rise and OI fall, rally might be driven by short covering rather than new buying. Often, this suggests the coming of a weaker trend.

The XRP OI is distributed across eleven crypto exchanges. This includes Binance, Crypto.com, Bybit, Bitget, OKX, Kraken, and Coinbase. 506.42 million coins which is the largest portion of XRP is on Bybit. This equals $318.34 million and 32.73% of the entire XRP Open Interest.

Leading digital asset service provider Binance followed with 495.60 million XRP, valued at $311.57 million. American cryptocurrency exchange Coinbase holds 735,020 XRP, worth around $462,250, which represents only 0.04% of its total holding. 

Crypto.com is the crypto exchange with the fewest XRP or 205,660 tokens. Its portion of the Ripple-associated coin is valued at $129,320. This represents only 0.01% of the XRP Open Interest.

Ripple Receives In-principle Approval in Dubai

The rise in XRP OI coincides with the news of Ripple’s in-principle approval from the Dubai Financial Services Authority (DFSA). The team announced this milestone on October 1. Citing a move to expand its services from the Dubai International Financial Centre (DIFC).

The blockchain payment firm is one step towards reaching a broader customer base in the UAE and the Middle East region.

“Blockchain and crypto technologies are here to stay,” Ripple’s Chief Executive Officer Brad Garlinghouse said.

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.”

Meanwhile, this in-principle approval is only one of the 55 licenses the firm holds globally. This includes those from the Monetary Authority of Singapore (MAS), the New York Department of Financial Services (NYDFS), and the Central Bank of Ireland (CBI).

Ripple Mints More RLUSD as Official Launch Draws Closer

Among the top news in the Ripple/XRP ecosystem is the launch of RLUSD, the upcoming 1:1 USD-pegged stablecoin. 

First introduced in April, the stablecoin is now in the private beta testing phase. It is on the XRP Ledger and Ethereum mainnet. It is worth noting that it is only available to institutions at this testing stage.

The U.S. dollar short-term government treasuries and deposits back the new stablecoin. As part of its private beta testing, there have been some mints and a few burns, including the incineration of 64 RLUSD a few days ago. Over 2 million RLUSD have been minted. The most recent being 600,000 RLUSD on September 30.

Ripple’s RLUSD is not yet available to the public because it has not launched officially. Thus, the firm has asked users to stay cautious and vigilant. As well as, look out for scammers who might want to cheat them out of their funds.