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XRP Open Interest Soars Past $1B Amid Price Run Towards $0.67 – Crypto News

Published

1 year ago

March 26, 2024

Dripp

The Ripple community is abuzz with excitement as XRP, the native cryptocurrency of Ripple, experiences a surge of nearly 3% in its price, propelling it toward the $0.67 mark. In addition, the recent price rally coincides with a significant milestone in the XRP futures market, with open interest surpassing $1 billion, reflecting heightened investor interest in the digital asset.

XRP Futures Open Interest Crosses $1 Billion Milestone

The XRP crypto has gained notable traction today, especially with the Ripple Vs. SEC lawsuit in focus. However, the rally of nearly 3% in its price suggests a growing interest of the crypto market enthusiasts towards the crypto.

Meanwhile, amid a bullish sentiment in the broader crypto market, XRP’s futures market has witnessed a remarkable surge in open interest, crossing the $1 billion threshold. According to data from CoinGlass, the XRP futures open interest soared by 10.49% to reach $1.05 billion, indicating a strong influx of capital into XRP derivatives.

Simultaneously, the options market for XRP has also experienced notable growth, with open interest rising by 15.02% to $290.99K. These figures underscore the increasing confidence of investors and traders in the crypto’s price potential, as evidenced by their willingness to participate in futures and options contracts.

Also Read: Worldcoin (WLD) Price Risks Downturn As It Faces Legal Roadblock In Portugal

Bullish Sentiment Prevails As Analysts Eye $1 Target

Amid the ongoing price rally, crypto analysts have offered bullish outlooks for XRP’s future trajectory. Notably, Dark Defender, a prominent market analyst, expressed optimism about XRP’s price prospects, suggesting that the cryptocurrency could easily reach levels between $0.6649 and $1.8815. This forecast reflects growing confidence in XRP’s ability to break through key resistance levels and continue its upward momentum.

Similarly, Crypto Tony, another respected analyst, emphasized the importance of the $0.67 level for XRP, noting that flipping this level into support could pave the way for further price appreciation. With bulls showing determination to push the crypto beyond critical resistance levels, the cryptocurrency’s journey toward $1 appears increasingly plausible, eliciting excitement among investors and traders alike.

Meanwhile, as Ripple’s native crypto continues to capture the attention of market participants, all eyes are on its price movement and the evolving dynamics of its futures and options markets. As of writing, the XRP price was up 2.61% and traded at $0.6441, while its trading volume soared 62.24% to $2.14 billion.