XRP futures open interest surged over $1B in one week to $3.42B (Glassnode), fueling price rally.
XRP price jumped from $2.14 to ~$2.54, with daily trading volume exceeding $10.6 billion now.
Analyst Ali Martinez notes XRP cleared key resistance; on-chain data suggests more upside.
XRP is drawing significant attention in the crypto market mostly because of a massive spike in its futures open interest (OI). Data from Glassnode shows XRP futures open interest surged by more than $1 billion in the past week. This climb took the OI from $2.42 billion to $3.42 billion, a key indicator for the altcoin.
This sharp 41.6% rise in leverage has fueled speculation that bullish sentiment is strengthening rapidly. Alongside this, XRP’s price jumped from $2.14 to $2.54, suggesting that traders are placing increasingly confident bets on further upside.
$XRP Futures Open Interest has surged by over $1B in the past week, rising from $2.42B to $3.42B (+41.6%). This sharp increase in leverage coincides with a price rally from $2.14 to $2.48, suggesting elevated speculative activity and growing directional conviction, pic.twitter.com/QbsaOM9oxE
— glassnode (@glassnode) May …
The post Glassnode Data Stuns Market: XRP Open Interest Surge Points to Big Price Move appeared first on Coin Edition.
