XRP futures open interest jumps 8%…"Price rebound also sees recovery in investor sentiment"
Summary
- XRP futures open interest increased 8% over 24 hours, showing signs of investor sentiment recovery.
- XRP price rose 4.11% over the same period, with buying pressure flowing in.
- Experts said the increase in open interest alongside the price rebound suggests a possible shift from a short-term rebound to a sustained uptrend.
XRP futures open interest increased by 8% in a single day, showing signs of investor sentiment recovery.
On the 25th, cryptocurrency-focused media U.Today reported that XRP open interest grew 8% over the past 24 hours to about 1.6 billion XRP (about $407 million). This was the largest increase since the September low, and it is analyzed that investors are expanding futures positions while betting on price rises.
XRP's price rose 4.11% during the same period to $2.54. The price, which had plunged to around $1.1 during the crash on the 10th of this month, has recovered quickly, bringing in buying pressure.
The outlet said, "The simultaneous appearance of a price rebound and an increase in open interest suggests that XRP may be transitioning from a short-term rebound to a sustained uptrend." The market is noting that Ripple's recent major partnerships and new service launches have been driving a recovery in confidence in XRP.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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