Leading experts say "Ripple" amid the downturns!
Despite the recent price declines, the native coin of the popular altcoin project Ripple, XRP, continues to be an attractive digital asset for crypto investors. Data from the market data platform Kaiko shows that the perpetual futures trading volume's open interest remains above average on most exchanges. This is considered a sign that speculators' interest in the crypto market persists.
Kaiko, a data provider company specializing in cryptocurrencies, recently tweeted about the XRP Volume Open Interest Ratio on four crypto exchanges throughout the past month. The highlighted exchanges by Kaiko include Binance, Bybit, Deribit, and OKX. According to experts, the major crypto exchange Binance maintained the highest Volume/Open Interest Ratio among the prominent exchanges with a significant increase in the middle of July. Following Binance, Deribit and OKX ranked in terms of this metric.
Moreover, there were sudden increases in trading volumes across all crypto exchanges in mid-July. The volume surged after Ripple won the case against the Securities and Exchange Commission (SEC). However, following a general pullback in the crypto market, the price of XRP declined after its initial surge.
According to Kaiko's data, the interest in XRP remains quite significant. Despite the reduced excitement due to Ripple's legal victory and the overall crypto market downturn, the interest in Ripple's XRP remains high. The data reflected by the analytical platform shows that XRP's Volume/Open Interest Ratio consistently stays above the median value. This information indicates that investors in the crypto community are actively engaged in XRP transactions in a healthy market. A significantly higher percentage above the average suggests strong liquidity and continuous investor interest.
In addition, after the court's favorable decision in the case against the SEC, the price of XRP surged to $0.95, reflecting a 101% gain in a single day. However, the price later retraced. Two weeks after the court decision, Ripple is trading at $0.71, indicating a 21% retracement from the year's highest level reached. #XRP #CryptoDeNostradame