The Open Interest (OI) in XRP has reached a remarkable $1.96 billion.
At the time of writing, XRP is trading at $2.20, down 2.35% in the last 24 hours.
From changes in the price of XRP to the introduction of the RLUSD stablecoin, there has been a flurry of activity recently in the Ripple ecosystem. Ripple Labs’ chief technology officer David Schwartz discussed the RLUSD stablecoin, which was recently launched.
In a video message shared on Ripple’s official X account, Schwartz emphasized in a recent release that RLUSD stablecoin has real-world uses for both users and developers. According to him, this stablecoin is a dependable asset that aims to demonstrate the XRP Ledger’s potential.
Aside from RLUSD’s increased liquidity and the ability to allow decentralized financial applications, he also said that XRP would still serve as a bridge currency for Ripple’s payment systems.
Bears in Control
In the last 24 hours, the Open Interest (OI) in XRP has reached a remarkable $1.96 billion, which is rather outstanding. With an impressive $834.67 million in Open Interest, Binance stands out among other cryptocurrency exchanges, according to data accessible from CoinGlass. This amounts to 42.62 percent of the total XRP OI. According to analysts, Ripple Labs’ efforts to promote XRP’s greater use in international payments are responsible for the current results.
Following its recent run to $2.38, investors were expecting prices to rise above the $2.50 mark. At its present level, nevertheless, the token faced correction because of market volatility. At the time of writing, XRP is trading at $2.20, down 2.35% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 29.13%. In the last 7 days, the price of XRP is down 8.92%, reflecting the ongoing bearish momentum.
The $2.45 level is a technical hurdle for XRP. Substantial gains may be possible if this level is broken. Nevertheless, XRP can decline to $1.59 if the price falls below $1.90. Before a clear breakthrough, experts predict strong volatility between $1.90 and $2.45.
