The native token of the XRP Ledger, $XRP, has seen a sharp rise in investor engagement as open interest has recently hit a high that hadn’t been seen since the fall of 2021. Data shows that open interest topped $1.2 billion earlier this week.
This surge in open interest—signifying the sum total of outstanding futures contracts that are yet to be settled—follows a favorable judicial verdict in the highly anticipated Ripple versus Securities and Exchange Commission (SEC) case, which saw a federal judge say XRP is “not necessarily a security on its face.”
Across a myriad of cryptocurrency platforms, Binance has emerged as the frontrunner, boasting the highest open interest of $328 million at the time of writing, followed by Bybit’s $277 million and Bitget’s $175 million, according to CoinGlass. Behind Bitget comes OKX with $67 million, and Kraken is tied with BitMEX at $7 million.
The rising open interest is, according to some analysts, a sign there’s an ascending trajectory in investor confidence that is partly fueled by the recent ruling on the cryptocurrency. The ruling saw a number of cryptocurrency exchanges relist the token, including Kraken, Coinbase, and Crypto.com.
Exchanges relisting XRP also include Gemini, which noted the ruling “that the sale of XRP on exchanges is not a security” will see Gemini explore the “listing of XRP for both spot and derivatives trading,”
As CryyptoGlobe reported, the number of XRP holders with at least one million tokens on the cryptocurrency’s ledger has now surpass the 1,900 mark as an accumulation trend set off earlier this month was triggered by an uptick in investor sentiment.
Notably, the XRP token has seen its trading volume skyrocket to surpass that of the flagship cryptocurrency Bitcoin ($BTC), with Ripple’s Chief Technology Officer, David Schwartz, saying that XRP’s volume as a percentage of market ccapitalization quadruples that of BTC.
Various analysts have been bullish on the cryptocurrency after the ruling came out, with a popular crypto analyst recently revealing he sees the cryptocurrency’s price explode to $6.
Earlier, analyst analyst Michaël van de Poppe focused on XRP saying he envisions a potential downward adjustment to approximately $0.65. This dip, however, is not cause for concern, as Van de Poppe believes it could set the stage for a bullish resurgence. According to his analysis, the post-dip rally could escalate XRP’s value to a high of $0.90.
Featured image via Pixabay.