The open interest of XRP broke through 2 billion US dollars on Saturday, setting a historical record
According to reports, influenced by regulatory clarity and technological updates, the activity in the XRP futures market has reached a new high. The open interest (OI) broke records on Saturday, exceeding $2 billion. At the same time, the price of XRP recently rose above $1.20, hitting a three-year high and driving a weekly increase of over 87%.
Market data shows that currently the long-short ratio is slightly biased towards shorts with 51% of traders betting on a price pullback. However, simultaneous increases in OI and price usually indicate new funds entering the market, showing a bullish market trend. The surge in XRP's price began Thursday evening after 18 U.S states filed lawsuits against SEC accusing it of overstepping its authority in regulating crypto industry. In addition, there is optimism about former US President Trump possibly promoting more crypto-friendly policies especially for tokens related to American companies like XRP and UNI.
It's worth noting that Ripple Labs plans to launch RLUSD stablecoin for cross-border payments and liquidity provision which will further promote XRP’s application in decentralized finance (DeFi). This could provide support for its future performance.
