Futures tied to XRP XRP Flashing positive signals as the payments-focused cryptocurrency appears to build bullish momentum.
On Monday, cumulative open interest in the XRP -Vig Futures, listed on larger stock exchanges, rose short to 800 million XRP, most since January 19, according to Data Source Velo. The platform traces activity in USDT and USD EVERYTHING, listed on Binance, Bybit, OKX and Hyperliquid.
Cumulative Open Interest is currently 743 million XRP, still 33% higher than June 22 when the XRP set a temporary price floor at $ 1.90.
Open interest refers to the number of future contracts open or active at a given time. An increase represents an influx of money on the market, although it does not give any clues about streams.
That said, the recent increase in open interest seems to be led by dealers chasing Bullish long efforts. This is because eternal financing rates have consistently kept positive, occasionally peaked the annual 10% mark and point to the demand for bullish exposure.
Exchanges typically collect financing rates every eight hours and involve long -term paying shorts when demand for bullish bets results in eternal trade at a prize at the spot price.
Also pointing to the bullish atmosphere in the market is the “top trader long/short conditions” in the Binance-Listed XRP/USDT market. From writing, the relationship traced by Coinglass was 1.90, which suggests that for each short there are two long positions open. Short positions earn when cryptocurrency falls.
Last week, the derived market market market for the traders saw the higher strike XRP calls.
Still, Cryptocurrency’s spot price has not yet seen remarkable bullish volatility. Monday rose prices to a high of $ 2.35, the level last seen in late May, only to quickly fall back to $ 2.25 and stay around this level.
