Increased Capital Inflow for Ripple, Open Interest Surges 45%... "Futures Market, XRP Rise Expectations↑"
Summary
- The open interest for XRP increased by 45%, indicating that investors expect XRP price to rise.
- With the increase in trading volume, more capital is flowing into XRP, increasing the likelihood of the price rising to $15.
- Some analysts expect XRP adoption and Ripple's partnership expansion in a crypto-friendly environment.
In the virtual asset (cryptocurrency) futures market, the open interest (OI) for XRP has surged, spreading expectations for further increases.
On the 6th, the virtual asset (cryptocurrency) specialized media Cointelegraph reported, "XRP open interest surged 45% from $2.6 billion to $3.7 billion in the past 24 hours," indicating that investors are opening positions anticipating a rise in XRP prices. The increase in trading volume suggests that more capital is flowing into XRP.
The media analyzed, "With the recent surge in OI, XRP may break out of the consolidation phase (forming a box range) and rise significantly towards $15," adding, "In 2023, XRP also surged 100% following a ruling that it is not a security."
Furthermore, "Some analysts believe that under the crypto-friendly Trump administration, XRP adoption will expand and Ripple's partnerships will grow," while "technical analysts predict that XRP could reach $15 this year."
Meanwhile, open interest refers to the number of contracts in the derivatives market that traders have not yet settled. An increase in open interest indicates that capital is flowing into the market. Generally, as open interest increases, the volatility of coin prices is likely to increase.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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