Over 2.78 billion units of Ripple pledge as prices prepare for a significant rebound
In the world of cryptocurrency, XRP continues to make headlines. The total amount of tokens committed to the XRP futures market has seen a modest increase of 0.49% in the last 24 hours, reaching a current figure of 2.78 billion XRP.
The open interest in XRP, a key indicator that measures the volume of futures contracts yet to close, presents a positive outlook for the token's price. Currently, investors have left over $8.48 billion worth of XRP futures contracts open, indicating a continued confidence in further upside potential.
Two major players, Binance and Bitget, dominate the market. Binance holds the second-highest share (15.39%) of the total open interest, while Bitget, with its headquarters in the Seychelles, accounts for the highest share (21.32%). The CME Group holds the third-highest share (14.85%).
Despite the steady growth, investors seem to be exhibiting a degree of caution in their futures activities. No notable changes have been recorded in this on-chain metric over the last day, suggesting a measured approach from the market participants.
However, the continued open interest in XRP futures contracts indicates a potential for a bigger move ahead. This is further supported by the bullish signals seen in major on-chain metrics and the resumption of XRP's uptrend amid a broad crypto market rebound.
The anticipation of a potential price surge is palpable, with many investors remaining optimistic about an anticipated $3.60 breakout for XRP. This optimism is further fuelled by the upcoming launch of the first U.S. XRP ETF this week.
Despite a brief decline that saw the price of XRP drop as low as $2.70, the token has shown resilience and is currently holding above $3 on September 16. This steady movement in the open interest, coupled with the resurgence in the uptrend, paints a positive picture for XRP's future.
Billions of XRP are staked in the asset's futures market, underscoring the significant role it plays in the cryptocurrency ecosystem. As the market continues to evolve, the focus on XRP remains high, with many keeping a close eye on its future movements.
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