XRP OI Soars 13.28%: Is Something Big About to Happen?

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On December 14, a key metric for the third-largest cryptocurrency, XRP, saw a significant surge. According to data provided by CoinGlass, XRP's Open Interest (OI) soared 13.3% to $3.77 billion. Open interest data helps measure the total number of outstanding derivative contracts in the market, providing insight into traders' exposure to an asset.

XRP's trading volume also surged 8.87% to $12.83 billion. The price jumped to $2.53 but soon experienced a pullback. At the time of writing, XRP is trading at $2.46.

Is the XRP ETF coming soon? Speculation surrounding the imminent launch of the XRP ETF has attracted more attention to this cryptocurrency. According to U.Today, companies like Bitwise and Canary Capital have proposed several spot ETF products. The head of BlackRock's ETF division denied recent speculation about the company's plans to apply for an XRP ETF.

U.S. regulators, especially the Securities and Exchange Commission (SEC), are expected to approve ETFs like SOL and XRP by the end of next year. According to U.Today, by the end of November, asset management firm WisdomTree submitted a genuine application for a spot XRP ETF. Additionally, several other financial management companies have done the same this year — Bitwise, 21Shares, and Canary Capital. Ripple vs. SEC on Tuesday, the RLUSD stablecoin officially received approval from the New York State Department of Financial Services (NYDFS).

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