u.today
On Sunday, $XRP Open Interest soared 38.03%, according to CoinGlass data.
Despite recent price volatility, $XRP investors have shown a strong commitment to the asset, with $7.24 billion currently allocated to its futures market.
This level of open interest suggests that many traders are maintaining their positions in anticipation of a potential rebound. The increase in open interest reflects a growing expectation that $XRP may recover from its recent downturn.
Alongside futures activity, $XRP’s spot trading volume has also risen 12%, according to data by CoinMarketCap.
This indicates that traders could be taking advantage of the dip to accumulate the token.
$XRP price down 9.5%
Over the past week, $XRP’s price has declined by 9.5%, with the majority of losses occurring on Friday and through the weekend.
The sell-off was triggered in part by disappointing U.S. employment data from the Bureau of Labor Statistics.
The July jobs report revealed that only 73,000 positions were added and included a downward revision of 258,000 jobs across May and June. This sparked a wave of risk-off sentiment across financial markets.
As a result, major cryptocurrencies also suffered. Bitcoin dropped 4% to $112,158, while Ethereum and other altcoins, including $XRP, followed suit.
It is also possible that the current $XRP price drop is due to unconfirmed rumors of crypto ban in China, which appeared on X this Sunday. As reported by U.Today, several prominent social media accounts started sharing news of China banning cryptocurrency trading and mining.
According to popular crypto analyst Ali Martinez, $XRP has recently shown a sell signal on the 3-day chart. In his post on X, he highlighted $2.40 as the next key support level.