1.43 Billion XRP in 24 Hours, What's Happening?
Analysis
Price Impact
MedA large increase in open interest suggests increased speculation and potential volatility, but the price is currently declining, creating uncertainty.
Trustworthiness
HighThe analysis is based on data from reputable sources like coinglass and mentions specific exchanges.
Price Direction
NeutralConflicting signals with rising open interest but declining price and trading volume. it is unclear whether xrp will recover or continue to decline.
Time Effect
ShortThe effects are likely to be seen in the short term as traders react to the conflicting signals.
Original Article:
Article Content:
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Ripple-linked XRP has continued to give conflicting signals to investors ion the broader cryptocurrency market. Despite bullish news of its potential in the U.S. Strategic Crypto Reserve (SCR), the price has not leaped in value. Advertisement XRP open interest spikes despite price drop However, data from CoinGlass shows a significant surge in XRP’s Open Interest in the last 24 hours. Investors holding the altcoin committed 1.43 billion XRP in open interest as a huge bet on the asset. This volume is valued at $3.35 billion at current market value. Related Fri, 03/07/2025 - 11:50 XRP Ledger Welcomes Major Update: What's New? Tomiwabold Olajide This signals an uptick in market activity as participants continue to trade the coin in anticipation of a rally. Traders are betting on XRP to register an upward movement in price, supported by the Strategic Crypto Reserve and other developments. Although the price has yet to experience any increase, analysts insist that the market could witness a shift at any time. As of this writing, the XRP price was changing hands at $2.31. This represents an 8.97% decline in the same 24-hour period, when its Open Interest recorded a spike. The trading volume has also plummeted by 10.43% to $7.38 billion. These conflicting signs, between price and trading volume on the one hand and a surge in Open Interest on the other, have sparked concerns. Will XRP recover and challenge $3? Some traders expected XRP to ride on the SCR sentiment toward the $3 level, hoping it could retest its all-time high of $3.84. However, not all welcome XRP’s addition to the Strategic Crypto Reserve . Despite this delayed growth, traders on Bitget, Gate.io, Binance and Bybit have remained active in the crypto space. Notably, the Bitget exchange led the total Open Interest trend with 28.89% of the total, or 414.95 million XRP, valued at $967.01 million. Gate.io followed with 23.62%, or 338.75 million XRP, worth $790.50 million. Related Fri, 03/07/2025 - 08:16 XRP at $2.50: Key Reason It Is Not Going Higher Arman Shirinyan Binance and Bybit saw 18.08% and 16.14%, respectively. While Binance had 259.54 million XRP valued at $605.23 million, Bybit recorded 231.65 million XRP, worth $540.45 million. With traders betting on XRP futures, experts predict this could trigger a recovery if interest continues and trading volume picks up. #XRP