XRP has crashed from $0.6396 to $0.5846, a 5.30% drop within the last 24 hours in an apparent gain reversal. Meanwhile, data from Coinalyze shows that open interest has slipped by 11.09% in the futures market.
This leaves the perpetual contract at $476.3 million, while the futures contract recorded $2.9 million. The XRP open interest data reveals Bybit and Binance as the top exchanges with the greater flow volume.
Bybit surpasses Binance in XRP open interest volume
Notably, Bybit had a total volume of $215.77 million in XRP open interest. This puts it over $12 million above Binance known to take the lead. Following the reversed gain, Binance recorded $202.88 million in trade volume.
Other exchanges such as BitMEX ($5.3 million), Kraken ($4.4 million), Bitfinex ($3.5 million) and Huobi ($2.3 million) all registered transaction volumes in units of millions. However, OKX was an exception to the lesser transacted volumes with a $44.6 million flow.
Meanwhile, WOO X registered the most minor XRP open interest market figures with $516,200 in transaction volume.
These open-interest data are significant to investors because they provide insights into market speculation. A rise in open interest signals uptrends, while the opposite holds for dipping open interest figures.
Will XRP resilience fuel rebound?
As per XRP, the asset recorded a staggering leap in volume by 566% shortly after the Ripple penalty verdict as investors jumped on the train. At the same time, the open interest data surged by over 49%. Analysts attributed this to renewed optimism on the part of investors.
However, the recent slump in the open interest figures and a notable slip in the market price of XRP signals that XRP needs more support to guarantee stability.
The current performance of XRP open interest stands in sharp contrast to the bullish momentum registered in July. Market observers remain optimistic that XRP's resilience might help the asset in the long run now that the legal battles with the U.S. SEC are over.
