thecryptobasic.com
$XRP witnesses increased demand and bullish sentiments as Bitrue sees a spike in its $XRP futures holdings to $800 million in just two days.
Bitrue, a prominent crypto exchange, has witnessed a remarkable surge in $XRP Futures holdings by users of its platform, with the total value spiking by over 300% over the past two days.
In a recent email to its users, Bitrue disclosed that the notional value of open interest on its platform skyrocketed from under $200 million to $800 million in just two days. Furthermore, 88% of Bitrue users had taken long positions on $XRP, indicating a strong bullish sentiment.
Cowboy Crypto, a Texas-based $XRP community influencer, drew public attention to the email in a recent tweet.
A chart shared by Bitrue shows that the notional value of open interest on the platform had declined to a value of less than $200 million from Jul. 3 to Jul. 13. However, the exchange observed an uptick from Jul. 14 following the ruling on the Ripple vs. SEC case.
This marked uptick skyrocketed the notional value of open interest to $800 million by Jul. 16. For the uninitiated, notional value refers to the total value of a particular asset that market participants have committed to buying or selling in the future.
Open interest represents the number of outstanding contracts for a specific asset at any given time. The disclosure from Bitrue provides information about the overall size of $XRP positions its users hold. Interestingly, 88% of these users hold long $XRP positions.
Moreover, $XRP trading volume on Bitrue has seen increased over the past few days. In the last 24 hours, Bitrue has witnessed $47.8 million in $XRP volume on spot trades. However, its perpetual market observes a more impressive figure, with $XRP/USDT pair seeing a 24-hour volume of $1.13 billion, per CMC.
Demand for $XRP Skyrockets
This significant development comes in the wake of the recent ruling by Judge Analisa Torres in the Ripple case. On Jul. 13, Judge Torres declared that $XRP is not a security, leading to a positive market sentiment surrounding the asset.
As a result, $XRP experienced an impressive rally, with its value increasing by 99% from $0.4710 to $0.9380 on the same day. Subsequently, numerous exchanges relisted $XRP, and trading volumes soared as investors reignited their interest in the cryptocurrency.
The Crypto Basic reported yesterday that demand for $XRP had skyrocketed to record highs. Notably, $XRP’s 24-hour trade volume hit a high of $10.4 billion on Jul. 13. This figure represented the highest trade volume for $XRP since August 2021. $XRP also saw over 1 million trades per minute globally.
The disclosure from Bitrue further underscores the growing interest in $XRP following the favorable ruling in the Ripple case. Interestingly, the ruling made $XRP the only asset in the US with regulatory clarity. This reality has contributed to the surging interest.
Meanwhile, $XRP is changing hands at $0.7417 as of press time. The asset is down 1.01% over the past 24 hours but up 55% in the last seven days.