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Заголовок XRP Open Interest Explodes, What’s Driving It?
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XRP Open Interest Explodes, What s Driving It?

XRP Open Interest Explodes, What s Driving It?

by Scott Matherson

1 day ago

in Altcoins , XRP

0

New reports reveal that the XRP Open Interest (OI) has surged dramatically
over the past week. The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта recorded a massive increase of over $1
billion, driven by growing expectations of Ripple’s upcoming stablecoin,
Ripple USD (RLUSD). Amid this sudden surge in open interest, analysts forecast
a significant price increase for XRP, anticipating a strong rally to new
highs.

XRP Open Interest Surges Past $1 Billion

According to data from Coinglass, XRP’s open interest spiked to an impressive
$1.04 billion before dropping down to $684.8 million as of writing. This
massive surge in Open Interest marks a substantial rise in investor confidence
and XRP’s market activity.

Related Reading: Mark Cuban Says All Meme Coins Are Rug Pulls, But What About
His Beloved Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin?

Notably, Open Interest is an important metric used in trading cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
derivatives, representing a measure of the total number of active positions in
a derivative market. This technical tool is often used to evaluate market
sentiment and anticipate potential future price increases.

In XRP’s case, the sudden increase in Open Interest above $1 billion suggests
that traders and investors may be positioning themselves for potential gains
as they anticipate the impact of the upcoming RLUSD stablecoin . XRP, which
has continually had a poor performance in the market for years, may be
reflecting a sense of renewed optimism amongst investors.

Interestingly, this spike in XRP’s Open Interest has been largely driven by
the excitement surrounding Ripple’s RLUSD stablecoin. According to reports
from the Ripple Stablecoin tracker on X (formerly Twitter), approximately
480,000 RLUSD was minted at the RLUSD treasury on September 29. Additionally,
another 10,000,000 RLUSD was minted in the last 24 hours.

This minting could be a strong indication that the testing phase for the RLUSD
stablecoin may be over. Back in August, Ripple revealed on X that the RLUSD
was in private beta, undergoing rigorous testing on both the XRP Ledger (XRPL)
and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum mainnet.

With the potential conclusion of the testing phase, the RLUSD stablecoin could
enter a more active deployment stage. Nevertheless, Ripple has shared that the
RLUSD is still in private beta and although many on-chain activities involving
the stablecoin have been observed, the stablecoin remains unavailable to the
public for now.

Update On Price Dynamics

Amidst the rise in XRP’s Open Interest followed by a 31.5% drop to $684.8
million, the price of the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has been striving to maintain some
form of stability . As of writing, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is trading at $0.53
after experiencing a massive price crash recently.

Related Reading: Why The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bounce Off $66,000 Is Not Entirely Bad News

Despite recent market volatility, XRP continues to maintain its price around
the $0.5 consolidation area, experiencing a 1.27% value increase in the last
24 hours. The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта is now in the red after experiencing a
significant decline as news of the appeal by the United States Securities and
Exchange• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по Ценным Бумагам и Биржам
Commission (SEC• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по Ценным Бумагам и Биржам) spread across the crypto community. During this
period, Ripple’s price dropped by 9.47%, raising the ire of many XRP community
members. Price moves toward next resistance | Source: XRPUSDT on
Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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