XRP Open Interest jumps 19% to $2.29B, hitting a six-day high amid strong market activity.
XRP trading volume surges 153% in 24 hours, reaching $10.97B as price retests $2.40.
XRP market cap climbs to $137.73B after price rebound and Ripple’s latest escrow unlock.
XRP has demonstrated robust market activity as its Open Interest (OI) and trade volumes witness significant spikes. These developments align with the broader cryptocurrency market recovery, with XRP showing a particularly strong rebound, retesting the $2.40 price level.
XRP Open Interest Records a Six-Day High
Recent data from Coinglass reveals a notable increase in XRP Open Interest, which climbed by 19% to reach $2.29 billion. This marks a six-day high since Dec. 26, 2024, and a significant rise from the $1.93 billion recorded on New Year’s Day.
https://twitter.com/TheRightTrader/status/1874786228488618343
Open Interest is a measure of the total open interest of derivative instruments in the market aggregated across products and multiple market participants. Historically, increases in Open Interest have often coincided with parallel price surges. For instance, XRP experienced a 46% rise in OI on Dec. 25, 2024, with a price uptick to $2.32.
The correlation between Open Interest and price movements remains evident, as the latest recovery across the crypto market has driven fresh momentum for XRP. The asset’s current trajectory suggests that traders and investors are capitalizing on improved market conditions.
Spot Market Volume Reaches 11-Day Peak
The daily trading volume of XRP within the spot market has also increased significantly, as have the 24-hour trading volumes. According to data from CoinMarketCap, within 24 hours, the trading volume of XRP increased by 153% reaching $10.97 billion. This is the highest trading volume seen in 11 days, with the previous occurrence noted on Dec 22, 2024, when XRP was trading around $2.29 price range.
The surge in trading volume reflects growing market confidence as participants actively engage with XRP amid its price recovery. The increased liquidity in spot markets aligns with the bullish sentiment driving XRP’s current performance.
Price Recovery Boosts Market Capitalization
XRP has regained the upward trajectory, trading at $2.40, the highest level since December 2024. The rally stems from Ripple’s previous escrow unlocking, which has aided the cryptocurrency’s trading volume. At press time, XRP had a market capitalization of $137.73 billion, which made it among the largest cryptocurrencies.
Market analysts, including EGRAG Crypto, suggest that XRP could achieve ambitious price targets, potentially reaching $27 in 2025. However, future price movements will depend on sustained market interest and broader economic trends.
The post XRP Open Interest Hits $2.29 Billion Amid Market Recovery and Increased Liquidity appeared first on Crypto News Land.
