Crypto Express

07/09 08:06

XRP Derivatives Market Reaches New Peak

XRP Derivatives Market Reaches New Peak as Open Interest Climbs

According to market data from Coinglass, open interest (OI) in XRP futures has exploded to levels not seen since January, briefly touching 800 million XRP before settling at 743 million. This figure shows a 33% increase from the low on June 22, indicating that derivatives traders are feeling more positive.

XRP futures have now surged back to their previous all-time high, nearing $5 billion in open interest. Open interest refers to the total number of active futures or options contracts in the market, a critical indicator of market participation and trader conviction.

Interestingly, XRP’s spot price has stayed stable, despite a futures trading spike. Analysts attribute this to varying trading trends worldwide. As CoinGape reported, Upbit, South Korea’s largest exchange, has seen a lot of XRP coming in, while most other international exchanges have lost about $8.82 million in XRP.

In essence, it is largely Korea holding the line on prices right now, and this regional imbalance might cause further market fluctuations as broader demand shifts.

Meanwhile, a market expert noted that the current bandwidth conditions closely resemble those observed just before the token’s significant rally in November 2024. The current market spread of 6.14% is very similar to the spread we saw before last year’s price increase. This could mean that we might see a similar price movement soon.

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