Summary
- Ripple is showing strength by recording an all-time high in perpetual futures open interest size.
- Ripple, which recently surged about 50%, has claimed the 3rd place in cryptocurrency market capitalization.
- The funding rate is at a stable 13%, maintaining a sustainable price uptrend.
Ripple has recently broken its 8-year record for open interest (OI) size, driven by a strong bullish trend.
On the 16th (local time), the cryptocurrency-focused media outlet CoinDesk reported, "Ripple, which couldn't reach an all-time high during the 2021 bull market due to regulatory issues, is now leading the market with the fastest upward trend in this bull market."
According to CoinDesk data, Ripple surged about 50% this month, surpassing $3 for the first time in 8 years. Its market capitalization is currently $176.75 billion, ranking third in cryptocurrency market capitalization.
Ripple's perpetual futures open interest is at an all-time high of 2.34 billion XRP. The funding rate is around 13%, which is much healthier and more sustainable compared to last December's approximately 100% rate.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
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