XRP OPEN INTEREST SHRINKED BY 1BILLION$ IN 24 HOURS, Here's why?$XRP #XRP’

XRP has been consolidating under key resistance for over a month, frustrating investors as the altcoin struggles to gain upward momentum.

This prolonged stagnation has impacted trader confidence, with many opting to step back amid a lack of significant price growth.

XRP Traders Are Uncertain

Open Interest (OI) in XRP Futures dropped by $1 billion in the past 24 hours, signaling a loss of trader conviction. Just a day earlier, OI had surged to $2.9 billion, fueled by expectations of a price rally. However, when these hopes failed to materialize, traders began pulling their money out.

This sudden withdrawal indicates a growing bearish sentiment among XRP enthusiasts. The decline in OI highlights the increasing skepticism surrounding XRP’s ability to break through its current resistance levels, potentially dampening market activity further in the short term.