Summary
- Ripple's futures market open interest has decreased by 37% from its peak on January 15.
- It was assessed that the decrease in open interest is not necessarily a bearish signal.
- Ripple fell by 1.59%, losing its third place in market capitalization ranking to Tether.
Ripple (XRP) has been struggling to break out of its recent bearish trend. The open interest, which indicates demand in the futures market, has also significantly decreased from its peak.
On the 9th (local time), the cryptocurrency-focused media outlet Cointelegraph reported that Ripple's open interest has continuously declined since peaking on January 15, now down 37% from its peak. Open interest refers to the number of outstanding position contracts that traders have not liquidated in the futures market.
However, Cointelegraph assessed that "since there are both long and short positions in the derivatives market, a decrease in open interest does not necessarily signal a bearish trend."
Meanwhile, as of 8:20 AM on the 10th (Korean time), Ripple is trading at $2.39, down 1.59% from the previous day. Due to this decline, Ripple has ceded its third place in market capitalization ranking to Tether (USDT).
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
