Summary
- Cointelegraph reported that XRP futures open interest has declined by about 30% over the past month.
- It noted that declining open interest usually suggests a weakening of speculative demand and a slowdown in profit-taking by leveraged investors.
- The analysis indicated that if open interest continues to drop according to technical indicators, there may be strong buying pressure for XRP in the $2.33–$2.65 range.
On the 26th (local time), cryptocurrency-focused media outlet Cointelegraph reported, citing CoinGlass data, that XRP's futures open interest has decreased from $11 billion to $7.7 billion over the past month, a decline of about 30%.
The media outlet explained, "A decrease in open interest usually signals reduced speculative demand and a slowdown in profit-taking by leveraged investors," adding, "In January, when XRP's open interest plunged from $8 billion to $3 billion, its price fell by more than 50%."
It further analyzed, "If technical indicators show open interest continuing to decline, a strong buying force could enter in the $2.33–2.65 range for XRP."
As of 03:12 on the 27th, on the Binance Tether (USDT) market, XRP is trading at $2.9381, down 0.86% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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