Ripple’s native cryptocurrency, XRP has yet again made it to the headlines as the total futures open interest of XRP contracts has climbed to its all-time high of $3.91 billion as per Wu Blockchain. This all-time high indicates the growing investor confidence and increase in the trading activity of the token.
Major Exchanges Lead the Market
As per the Wu Blockchain post, three well-known exchanges have been leading in this race. Binance has secured the top-most position with 535 million XRP contracts, which makes up for 32.04% of the total open interests.
The second leading position is secured by Bybit, holding 524 million XRP contracts which captures about 31.27% of the the total open interests.
Bitget secured the third position, holding 327 million XRP contracts, making it 19.55% of the total open interests.
Rising Interest in Ripple’s XRP Indicates Bullish Expectations
Advertisement
Such record breaking level of open interest indicates heightened community support and engagement from the retail and institutional traders. The developments represents itself at a time when Ripple‘s XRP itself has been experiencing phenomenal surge, driven by its optimism around its positive legal developments, launch of its stablecoin (RLUSD) and increased use cases in cross-border payments.
Market analysts believe that surge in open interest is mainly fueled by combination of technical indicators and strong community support. Many traders are betting on significant price action, with XRP positioned for a possible breakout in the near future.
Will XRP Reach the $3 Mark in the Near Future?
With the recent surge and developments, reaching the $3 mark seems like high possibility in the coming weeks.
As per analysts, XRP is forecasted to trade between $1.59 and $4.37 with an average price of 2.72. Some predictions even suggest that XRP could reach as high as $5.34 when Trump takes over the President office in January 2025.
Advertisement
Also Read: Ripple Flips Tether to Take No. 3 Spot in Overall Market Cap
