XRP’s (XRP-USD) recent surge above $1.20 has set off a flurry of activity in the futures market, with open interest (OI) hitting record levels. According to CoinDesk, XRP futures bets have topped $2 billion, as traders wager on more price volatility. This increase in both OI and XRP prices is a clear sign that fresh capital is entering the market, signaling a bullish trend.
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Traders Bet Big on XRP’s Future
The recent spike in XRP’s price—jumping more than 20% to surpass $1.20 in the early hours of Saturday—coincides with mounting optimism around the token’s future. XRP’s gains came amid legal action, with 18 U.S. states suing the SEC over its alleged overreach. This has fueled hopes for more favorable crypto regulations, particularly under a potential Trump administration. As CoinDesk notes, such a scenario could benefit U.S.-based crypto firms like Ripple Labs, which is closely tied to XRP. Since then, however, XRP’s price has dropped back to around $1.08.
XRP Futures Activity Hits Record-Breaking Levels
With more than 2 billion XRP tokens locked in futures contracts, traders are positioning themselves for significant market moves. Interestingly, the majority of these futures bets are on the short side, with 51% of traders betting against price increases. Still, the sheer volume of activity shows the growing confidence in XRP, particularly as Ripple prepares to launch its RLUSD stablecoin, which could further bolster the token’s prospects in the cross-border payments market.
At the time of writing, XRP is sitting at $1.0747.
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