XRP isn’t giving up on its long-term attempt to bounce back from its massive decline. After a 20% decline in the year-to-date (YTD) value of the currency, the recent increase in open interest (OI) has rekindled optimism about a possible price rebound. XRP’s open interest on the futures market has increased by 1.69% in a day, according to Coinalyze statistics.
Perpetual contracts are valued at $365.1 million, while futures are valued at $5.9 million, according to the statistics. The largest market for XRP open interest is represented by the Binance exchange, with a $157.1 million total volume. The trading platform has a $150.9 million cumulative volume, which is more than Bybit.
XRP’s price has been under a prolonged stress test in the last several weeks. As of this writing, the currency is trading for $0.5001, marking a 3.01% increase in only one day. This is a significant indicator of the influence of certain market indicators, such as the open interest that has contributed to a positive mood resurgence.
The trade volume has also seen a distinct upswing of 9.27% to $1,752,129,473 as the resurrection is being projected.
Shunning XRP headwinds
There are still some obvious obstacles in the way of XRP’s growth, but the route is fairly apparent. Among the most widespread is the ongoing legal dispute between the US Securities and Exchange Commission (SEC) and blockchain payments company Ripple Labs Inc.
Rumours of a possible settlement have surfaced as the lawsuit moves into its remedies phase. Notably, when Ripple offered XRP to institutional investors, it violated securities legislation, and the market regulator is requesting a $2 billion fine.
Investors are wary of becoming entangled in the dispute and may wait for the issue to be resolved before making a major investment in Ripple while it is challenging this hefty charge.
