XRP’s Open Interest (OI) has recently reached $1.96 billion, with Binance leading the way at $834.67 million, representing 42.62% of the total XRP OI. Bitget follows closely behind with 27.23% of the OI at $533.26 million. In total, Binance and Bitget account for approximately 70% of the overall Open Interest, with Binance standing significantly ahead of Bitget by $301.41 million. Other exchanges in the top five include OKX, BingX, and Bybit with OI figures ranging from $187.90 million to $155.17 million.
Investors closely monitor Open Interest figures as they provide insights into market speculation for an asset. A surge in Open Interest typically signals uptrends and potential price rallies, while a decline suggests the opposite. Analysts attribute the recent increase in XRP’s OI to Ripple Labs’ efforts to encourage more active participation in cross-border payments, as well as the launch of the RLUSD stablecoin, which has boosted the native token’s OI.
In the broader crypto market, XRP is currently trading at $2.25, reflecting a 4.36% increase in the last 24 hours. However, market volume has seen a significant decline of 33.32% to $18.6 billion. Despite an initial surge to $2.38, market volatility has caused XRP to settle at its current level. Despite this, some analysts remain optimistic that XRP could reach $3 if it successfully surpasses the $2.50 level, requiring sustained support and a rediscovered bullish momentum.
Overall, XRP’s OI has seen a notable increase, with Binance leading the way in the XRP market dynamics. The recent spike in OI has been attributed to Ripple Labs’ initiatives to boost XRP’s participation in cross-border transactions, as well as the introduction of the RLUSD stablecoin. While XRP’s price currently sits at $2.25, market volatility has led to fluctuations. Analysts remain hopeful that XRP could reach $3 if it maintains its support levels and regains its bullish momentum.
