Bitcoin (BTC) and altcoins like Ethereum (ETH), Solana (SOL), and XRP are leading this renewed price vigour. While most altcoins are breaking new milestones, XRP exhibits a worrying trend that could impede its growth. The overall crypto ecosystem has continued to rise, with the combined market capitalisation rising as high as 17% in a single day to $2.52 trillion.
XRP Open Interest insight
CoinGlass data indicates that even if the price of XRP has increased somewhat, its Open Interest (OI) has decreased. According to the statistics, OI has lost 0.72% during the last day, and 1.46 billion XRP has been committed on the futures market.
The overall number of outstanding derivatives contracts on the market is gauged in part by the Open Interest statistics. It provides real-time information on traders’ exposure to an asset. Solana’s open interest has increased by more than 14%, with over $4 billion pledged, while XRP’s is somewhat lower today.
The price of XRP has risen by 0.66% to $0.5512 as of this writing. The OI numbers indicate that a breakout may be far off, and the coin’s trading has been in a relatively narrow range.
There are several legal issues with XRP. Many, however, believe that its challenges might become advantages, with a conspiracy to remove Gary Gensler from his position as chairman of the U.S. SEC.
Key growth signs to watch for XRP
It is important to remember that XRP is still one of the most closely followed cryptocurrency available right now. Traders should keep a close eye on XRP whale transactions during the current price surge since they may reveal changing sentiment, which might then indicate the direction of the price going forward.
Future developments in Ripple Labs’ endeavours, particularly those pertaining to the RLUSD stablecoin, are also crucial in predicting XRP’s course. The mood behind Bitcoin’s rise is still strong, and if the correlation is correct, it might eventually support the price of XRP.
