u.today
XRP is forging ahead, with bullish momentum after recovering from a protracted slump. For a coin that was once stagnant at a price range of $0.5, Open Interest (OI) reaching a year-to-date (YTD) high signals resilience.
XRP Open Interest hit $602.6 million
According to data from Coinalyze, XRP OI, including those from perpetual contracts and futures, have soared to $602.6 million. The former comes in at $599.6 million, while the latter finishes at $3 million.
Binance exchange emerged as the largest market for XRP Open Interest, recording a total volume of $264.8 million. Bybit comes closely behind, with volumes of $248.1 million, while WOO X had the least XRP OI market with $381,600.
For investors, monitoring Open Interest is very crucial, as it provides insights into making informed decisions. Typically, rising Open Interest supports uptrends, while falling open interest may signal downtrends. With XRP’s Open Interest reaching a record high, it signifies increased market liquidity and trading activity in the ecosystem.
As of this writing, XRP is trading at $0.6088 per coin, increasing by 7.3% in the past 24 hours. The trading volume is not left out of the rally, as it surged by over 41% to $3.7 billion. The cryptocurrency’s performance highlights the positive impact of key metrics like Open Interest.
XRP sees good sign ahead
As revealed in an earlier U.Today report, XRP has completed a golden cross on its four-hour price chart. This is usually seen when a shorter-term moving average, such as the daily SMA 50, crosses above a longer-term moving average, such as the daily SMA 200.
The appearance of the golden cross on the four-hour XRP chart is important to note. This is because traders often view this pattern as a sign that the asset's price could continue with bullish momentum.