As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find the recent surge in XRP‘s futures open interest and trading volume quite intriguing. The dominance of major exchanges like Binance, Bybit, and Bitget is a testament to the growing trust investors have in this cryptocurrency.
The digital currency known as XRP, which is associated with Ripple, has achieved a significant milestone as its futures investment interest reached an all-time high of $3.91 billion. This spike in trading indicates increasing faith among investors in XRP, according to Wu Blockchain on X, based on statistics from CoinGlass.
Over three main exchanges – Binance, Bybit, and Bitget – the vast majority of XRP futures are concentrated: Binance leads with approximately 535 million XRP futures contracts, equating to 32.04% of the overall market volume. Bybit follows closely behind with around 524 million XRP futures contracts, representing 31.27%, and Bitget takes third place with about 327 million XRP futures contracts, accounting for 19.55% of the total.
This spike demonstrates high community involvement, as both individual and institutional investors have heightened interest in XRP. A variety of elements are fueling this trend, including Ripple’s favorable legal advancements, the introduction of its stablecoin RLUSD, and the expanding use of XRP for cross-border transactions.
The derivatives market for XRP has experienced a notable increase in activity recently. Trading volume has soared by an impressive 289%, reaching a staggering $60 billion, while open interest has risen by 17.5% to $3.90 billion. Moreover, options trading is gaining traction, with trading volume increasing by 17.41% to $4.01K and open interest growing by 16.20% to approximately $992,330.
The ratio of trades being made for a 24-hour period that are “long” (buying) versus “short” (selling) is almost equal at 0.9932, suggesting a nearly even sentiment overall. For the XRP/USDT pair on Binance, the long/short ratio for user accounts is higher at 1.592, while it’s slightly lower at 0.94 on OKX. The top traders on Binance show a stronger preference towards buying, with account and position ratios of 1.949 and 2.723 respectively, indicating they are more likely to buy than sell.
The information from the liquidation process shows a high level of trading, with approximately $1.72 million being liquidated within the last hour, $12.52 million over a four-hour period, $37.45 million in the last 12 hours, and an astounding $70.03 million in the past 24 hours. It’s worth mentioning that shorts were responsible for around $44.41 million of the total liquidations in the last 24 hours, while longs accounted for about $25.62 million.
Experts anticipate that XRP’s current surge may push its value to around $3 within the next few weeks. The projected price range for XRP is between $1.59 and $4.37, with an average expectation of about $2.72. Some optimistic predictions even suggest it could reach as high as $5.34 by early 2025, driven mainly by speculation surrounding potential political changes, such as a new administration led by Donald Trump.
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2024-12-02 16:23