Cryptocurrency Daily Thefoxposts.com

XRP is witnessing intense trader engagement this month, propelled by regulatory developments, institutional adoption, and technical breakouts.  Together, these growth catalysts have driven the token to a price of $3.55 at the time of writing, a 75.43% increase over the past month. Moreover, as recent data from futures trading and information platform CoinGlass shows, the total XRP futures open interest has also gone up, having hit a staggering $10.94 billion. Total XRP futures open interest. Source: CoinGlass Referring to the total number of outstanding futures or options contracts that have not yet been settled, open interest shows how much capital is currently locked in by traders betting on XRP’s price movements. When the price rises along with open interest, it often suggests a bullish outlook backed by fresh money entering the market. Why is XRP going up? The momentum follows a broader wave of regulatory and institutional optimism in the wake ...

Summary ⚈ XRP open interest nears monthly high with over 1.5 billion positions on May 8. ⚈ SEC settlement agreement fuels XRP’s price surge to $2.37, up 6.81% in 24 hours. ⚈ XRP targets $2.40 next, with potential range-bound trading between $2.58 and $2.75. XRP open interest, which measures the number of derivatives positions open at any given time, is close to a 1-month high. As of May 8, there were slightly more than 1.5 billion such positions open — 1,509,021,450, to be exact. This represents a 13.37% surge from the roughly 1.3 billion (1,330,942,764) positions that were open a day earlier, according to data analyzed by Finbold and retrieved from market data platform CryptoQuant. XRP open interest 1-month charts. Source: CryptoQuant This high degree of interest in speculative XRP positions could soon surpass the present 1-month high, reached on April 28, which totalled 1,521,467,165 positions, just 0.82% above the May 8 reading. XRP prices and ope...