XRP’s Open Interest (OI) has recorded impressive figures within the last hour, reaching $1.96 billion. Data available from CoinGlass reveals that Binance leads other crypto exchanges with a notable $834.67 million in Open Interest. This represents 42.62% of the cumulative XRP OI.
Implications of Open Interest spike
Bitget has 27.23% of the Open Interest with $533.26 million. Together with Binance, these two exchanges account for approximately 70% of the total Open Interest. However, Binance stands a significant $301.41 million ahead of Bitget. This highlights the unique position of Binance in the XRP market dynamics.
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OKX, BingX and Bybit complete the top five with OI of $187.90 million, $166.97 million and $155.17 million, respectively. The combined total of these three exchanges falls short of Bitget’s Open interest by over $23 million.
The Open Interest figures are significant to investors as the metric gives insight into market speculation for the asset. When Open Interest soars, this usually signals uptrends and possible price rallies, while a declining OI suggests the opposite.
Analysts say the recent figures are attributable to Ripple Labs’ effort to push for more active participation of XRP in cross-border payments. The recently launched RLUSD stablecoin has also boosted the native token’s Open Interest figures.
Analysts' outlook on XRP's path to $3
Meanwhile, in the broader crypto market, XRP, as of this writing, was trading for $2.25, a notable 4.36% increase in the last 24 hours, according to CoinMarketCap data. However, there has been a noticeable 33.32% decline in market volume to $18.6 billion.
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In earlier trading, investors anticipated a climb to the $2.50 price level after it surged to $2.38. However, market volatility saw the token lose a few cents to its current level.
Nonetheless, some analysts remain optimistic that XRP might still attain $3 if the asset successfully moves above $2.50. For this to occur, though, XRP has to sustain its present support and rediscover its bullish momentum.
