Ripple News: XRP Futures Shatter Open Interest Record for the Year 2023 – Coinpedia Fintech News
July 19, 2023Open interest in XRP-tracked futures has experienced a significant increase, surpassing $1.1 billion within the last 24 hours. This marks a new record high for the year, surpassing the $1 billion level reached last week.
Despite major cryptocurrencies showing little change, XRP tokens have seen consecutive gains, rising by as much as 6% for the second day in a row. The tokens reached a value of 80 cents, matching the highs of the previous week, before experiencing a slight pullback.
The surge in open interest reflects a 21% increase since Tuesday, indicating a higher number of outstanding futures contracts. This suggests a growing number of bets on XRP tokens or stocks and implies an influx of new capital into the financial market, often signaling the expectation of a continuation of the current trend.
Among the various exchanges, the majority of these positions, worth $443 million, are held on Binance, followed by Bitget at $250 million.
XRP interest is on the rise
This renewed interest in XRP tokens follows a recent U.S. court ruling stating that the sale of XRP on exchanges does not qualify as an investment contract. Subsequently, XRP experienced a surge of up to 96% following the court order, accompanied by a significant increase in trading volumes, reaching billions of dollars immediately after the ruling.
According to CoinMarketCap data, XRP is trading at $0.7941, with a 6.3% gain in value over the last 24 hours. XRP is up by 67% in the last seven days as the coin dropped from its $0.8 support level. Despite the price performance, the verdict is considered a notable victory for the crypto community as a whole.
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