XRP Open Interest Climbs To $1 Billion: What’s Driving Interest In The Token?
Ripple's XRP token reached nearly $1 billion in open interest over the weekend, with a current price around $0.61. Unlike Bitcoin and Ethereum, which fell 1.5% and 2.3% respectively, XRP increased by 4.1% over the past week. Grayscale Investments launched a closed-end XRP Trust, leading to an 11% surge, indicating strong institutional interest. Speculation about an upcoming XRP exchange-traded fund (ETF) has also arisen, potentially making it the third digital asset with an ETF if approved by the SEC. Additionally, Ripple is developing a USD-pegged stablecoin, RLUSD, currently in private beta testing. Open interest in XRP peaked at over $1 billion before dropping to approximately $945 million, with a spot trading volume exceeding $2 billion in the last 24 hours. Analysts have mixed views on XRP's future; some predict significant price increases if resistance levels are surpassed, while others caution that failure to break the $0.60 level may lead to a drop to $0.55.
