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$XRP Open Interest (OI) spikes 19% to cross the $2 billion mark as trade volume reaches a 1-week peak amid ongoing price rebound.
For context, $XRP’s rebound comes on the back of a comparative recovery across the broader market. However, the altcoin appears to be leading the charge, having increased by an impressive 11% over the past 24 hours to retest the $2.40 price territory.
This bullish push follows $XRP’s impressive close above $2 last year, 2024. Notably, this marked the first time the crypto asset ended a year above the $2 mark throughout its history. As momentum builds amid improved sentiments, interest in the asset has skyrocketed in the spot and futures markets.
$XRP Open Interest Spikes 19%
Particularly, data from Coinglass confirms that $XRP Open Interest hit a peak of $2.29 billion today, marking an impressive 19% increase from the $1.93 billion figure recorded the previous day, being New Year’s Day.
Interestingly, the latest $2.29 billion figure marked the first time since Boxing Day, Dec. 26, 2024, that $XRP Open Interest in the futures market crossed the $2 billion mark, representing a six-day top. Open interest refers to the total number of outstanding derivative contracts. A spike typically indicates an increase in market activity and liquidity.
Notably, these spikes in $XRP Open Interest appear to occur alongside comparative surges in prices. A similar 46% increase in OI on Christmas Day accompanied a surge in $XRP’s price above $2.32.
However, as $XRP Open Interest dropped amid a decline in market activity and liquidity, prices also collapsed, with the broader market experiencing a post-Christmas correction from Dec. 27. The latest increase in OI now occurs alongside the latest market recovery.
$XRP’s Volume Hits 11-Day Peak
In addition, $XRP volume in the spot market has witnessed an impressive spike, as traders and investors flock into the market. According to data from CoinMarketCap, $XRP’s volume has increased by a massive 153% over the past 24 hours to $10.97 billion at press time.
This represents $XRP’s highest 24-hour volume in 11 days. The last time the altcoin witnessed this volume peak was on Dec. 22, 2024, as prices hovered around the $2.29 region.
Now, $XRP currently changes hands at $2.40, looking to transcend this price level on its journey to greater levels. The asset’s market cap now stands at $137.73 billion following Ripple’s latest escrow unlock. Some analysts like EGRAG Crypto believe $XRP could target lofty targets such as $27 this year, 2025.