XRP is enjoying unexpected interest from market participants. In the last 24 hours, the asset’s open interest has surged by over 200% as investors bet on the coin’s future contracts. The uptick has helped it flip Solana (SOL) on the same metric.
XRP flips Solana in futures volume and open interest
According to Glassnode’s update, XRP’s 24-hour volume reached $12.4 billion, reflecting a 208% spike. Solana, on the other hand, recorded $9.6 billion in trading volume. This places XRP ahead of SOL with a massive difference of $2.8 billion within the same period.
The increased activity has positively affected XRP’s open interest. Within the same time frame, its open interest increased by over 15% to $5.9 billion. This indicates that there is a lot of speculative trading around XRP.
For context, open interest refers to the total value of outstanding futures contracts that have not been settled. The current spike in open interest means that more market traders are holding futures positions, suggesting growing confidence in the asset.
The market setup remains bullish for XRP, a development that came after the joint dismissal of the Ripple vs. Securities and Exchange Commission (SEC) lawsuit. Notably, both parties have agreed to dismiss their appeals, providing clarity that XRP is a nonsecurity.
XRP ETF speculation grows as traders accumulate
As of press time, XRP is changing hands at $3.27, representing a 7.6% increase in the last 24 hours. It has soared from just above $3 to a peak of $3.38 before settling at the current level.
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The current market setup, however, exposes the asset to major risks if sentiments shift. The liquidation could be severe, leading to losses for leveraged positions.
However, investors appear focused on accumulation ahead of a possible SEC green light on XPR exchange-traded fund (ETF). Currently, there are several pending applications before the regulatory body, and with the dismissal of appeal, the coast appears clear.
