u.today
$XRP in the last seven days grew by 8.60% amid the ongoing crypto market rally. The ecosystem has also received positive news concerning its legal battle with the U.S. SEC. $XRP, therefore, looks set to attempt new levels with open interest signaling investors’ confidence.
Futures market shows strong backing for $XRP
As per CoinGlass data, in the last 24 hours, $XRP’s open interest rose by 5%. A total of 1.99 billion $XRP valued at $4.74 billion were committed by traders to the asset’s future.
Open interest indicates the number of futures contracts investors have opened on $XRP in fiat currency. The $4.74 billion emphasizes $XRP holders' confidence in the asset's future price rally.
An analysis of the data shows that these $XRP holders are more dominant on Bitget, Gate.io, Binance and Bybit.
Bitget registered the highest open interest with 28.27% or 564.63 million $XRP worth $1.34 billion. At a distant second was Gate.io with 16.32% or 325.34 million $XRP valued at $774.51 million.
Binance and Bybit came third and fourth, with a total of 321.97 million $XRP and 318.64 million $XRP, respectively. In that order, their fiat values are $766.55 million and $758.91 million.
$XRP price maintains uptrend despite volume dip
Meanwhile, $XRP is trading at $2.39 in the crypto market, representing a slight increase of 0.16% in the last 24 hours.
$XRP remains poised to test the $3 price level. It was aiming for $2.50 before it faced resistance at $2.42. This was likely due to the drop in trading volume, which dipped by 37.50% to $4.27 billion. A spike in volume could support $XRP to $3.
Many expect a shift with the Securities and Exchange Commission (SEC) and Ripple finally reaching an agreement on their almost five-year legal battle.
$XRP will likely gain more appeal with investors moving on, which could support its growth to the $3 target. As reported by U.Today, BlackRock’s representatives have already met with the SEC, and some are speculating that the asset manager might soon file an $XRP exchange-traded fund (ETF).