HomeNewsXRP Futures Hit Record Open Interest of $1.1 Billion in 2023

XRP Futures Hit Record Open Interest of $1.1 Billion in 2023

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  • Open interest on XRP futures surpasses $1.1 billion, marking a record high for 2023.
  • The surge in interest followed a US court ruling that XRP sales on exchanges are not investment contracts.

Unprecedented Open Interest in XRP Futures Reflects Market Optimism

Open interest in XRP futures has reached a new peak, surpassing $1.1 billion in the last 24 hours. This milestone comes on the heels of a similar feat last week when open interest touched the $1 billion mark, marking a record high for the year.

XRP tokens exhibited an impressive performance, spiking by 6% for the second consecutive day, while the broader cryptocurrency market remained relatively stable. At its peak, XRP soared to 80 cents, aligning with last week’s high, before retracting slightly.

The Rising Tide of Open Interest: A Vote of Confidence

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Open interest, a measure of unsettled futures contracts, has escalated by 21% since Tuesday. An increase in open interest typically signals a growth in bets on a particular asset, be it tokens or stocks, indicating an influx of fresh capital into a financial market. Such a trend usually suggests an expectation that the current market trajectory will persist.

Significantly, the bulk of these positions, totaling $443 million, are consolidated on the crypto exchange Binance, with Bitget following at $250 million.

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The upswing in interest in XRP tokens is believed to be a consequence of last week’s U.S. court decision. The ruling established that the sale of XRP on exchanges does not qualify as investment contracts. Following the court order, XRP witnessed a dramatic surge, rising by as much as 96%, with trading volumes skyrocketing into the billions of dollars in the aftermath.

Meanwhile, Bitcoin and Ether managed to claw back above support levels at $30,000 and $1,900 respectively, during Wednesday afternoon trading in Asia. This recovery followed a brief dip as traders likely cashed in profits from the recent uptrend on Tuesday.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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