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$XRP, in the last seven days, has progressed on a bullish trajectory in a move many anticipated would see it flip its all-time high ($ATH). $XRP stands just 17.74% away from surpassing its $ATH of $3.84 set in January 2018.
$XRP Open Interest surge fuels optimism
The asset, which rose to a high of $3.31 in the early trading session, has experienced correction and dipped slightly. Analysts consider this dip to $3.17 as $XRP entering a reset mode that could see it rebound to set a new $ATH. Per the projections, the $XRP Open Interest data signals this rebound is imminent.
According to CoinGlass data, $XRP Futures Open Interest has recorded remarkable figures despite the price dip. Within 24 hours, 2.34 billion $XRP has been committed to futures trading. In dollar terms, this Open Interest volume is worth $7.41 billion.
Notably, Bitget, Bybit, Gate.io and Binance are the exchanges where traders placed the most open interest commitment. Traders on these crypto exchanges are betting on $XRP to post another rally soon.
Bitget leads with $1.91 billion or 25.77% of the total volume, followed by Bybit, which has $1.54 billion or 20.83%. Gate.io and Binance registered $1.53 billion and $1.46 billion, or 20.69% and 19.65%, respectively. Cumulatively, the four exchanges account for 86.94% of the overall volume.
Broader market dynamics and regulatory change
Experts consider this surge in Open Interest figures to signal the rising confidence among market participants trading on $XRP.
Several broader market dynamics could have triggered soaring interest in $XRP. $XRP’s recent performance has seen it climb in an epic breakout, outshining Bitcoin and Ethereum.
The bullish run of $XRP has sparked discussions among some stakeholders that $XRP has entered a price discovery mode. This is because the price of $XRP surpassed $3 after about seven years running.
Market watchers are keenly observing how $XRP will perform in the coming days after the inauguration of a new President in the U.S. on Jan. 20, particularly with a new Securities and Exchange Commission Chair Paul Atkins set to take over.