-XRP, managed by Ripple Labs, a digital asset payment and infrastructure company, is trading at a high not seen in 3 years as the broader cryptocurrency market be
nefits from upcoming policy changes expected in the US.usa...the asset has lost 1.20% of its value since Saturday's peak16 peak, but is still up more than 1.06% for the week to 80th, CoinGecko data shows.
Since President-elect Donald Trump won the U. S. presidential election earlier this month, the coin has shown a clear upward trajectory.
This has led to increased investor interest in various cryptocurrencies, including Memecoin, which continues to lead the market in terms of overall performance, along with the relative rise of large coins.
This is clearly not the case in the futures market for the world's largest #cryptocurrency , where open interest reached a record high of less than 620 billion, according to data from coinglass. 6
CoinDesk first reported this.
Open Interest is the total number of active futures or options contracts that remain open and have not yet been settled or closed.
High OI often reflects a surge in speculative trading, with traders betting on future price movements. This can lead to increased volatility as leveraged positions increase reaction to market news and events.
"The recent rise in open interest in #xrp futures to record levels signifies increased trader interest, which is often an indicator of bullish market sentiment,
ick Forster, founder of #DeFi online options for Derive, told Decrypt.
coupled with consistently high and positive funding figures, this suggests that new market entrants can take advantage of XRP's major trading opportunities, the founder added.
Underlying trading is a strategy to capitalize on the difference between the spot price of an asset and its price in the futures or derivatives market.
"This activity is a sign of XRP's growing appeal and trading environment, which speaks to speculative optimism as traders take positions to capitalize on expected price movements. ,
Said Forster.
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