Summary
- XRP's open interest has reportedly decreased by approximately $2.4 billion over the past two weeks.
- The price of XRP has been on a continuous downward trend since reaching its peak in the middle of this month.
- Cointelegraph reported that there is a possibility that the price of XRP could fall below $2.6.
The open interest (OI) of XRP has dropped by nearly $2.4 billion (about ₩3.3 trillion) over the past two weeks.
Cointelegraph, citing data from the on-chain analytics firm Coinglass on the 30th (local time), reported, "XRP futures open interest hit an all-time high of $11.2 billion on the 18th of this month, but has since fallen to $8.8 billion." This means open interest shrank by about $2.4 billion in the last two weeks. Cointelegraph suggested, "This downtrend has led to speculation that (XRP) investors have shifted their attention to other assets."
The price of XRP has been on a steady decline since mid-month. According to CoinMarketCap, the price of XRP surpassed $3.6 on the 18th, but as of today is trading in the low $3.1 range.
There are also concerns about further declines. Cointelegraph noted, "There are now fears that even ordinary volatility in the market could trigger a chain of forced liquidations," adding, "There is also speculation that XRP could fall below $2.6."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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