A bullish shift in the past 24 hours as investors heavily bet on the asset, leading to an increase in open interest. According to CoinGlass data, $XRP rose by 5.11%, resulting in traders committing $4.26 billion in futures contracts for XRP.
Increased $XRP on-chain activity amid consolidation.
It is worth noting that open interest refers to the total amount of futures contracts opened by investors on XRP as they anticipate a bullish rise. Traders have committed a total of 1.85 billion XRP during this period.
This development positively impacted XRP, causing the price to rise from a low of $2.25 to a peak of $2.33. This represents a turnaround for the currency, which had dropped to $2.09 over the past seven days, testing the support level at $2.
The current increase in open interest indicates that investors are optimistic about a potential breakout amid developments in the ecosystem. Recently, XRP has shown a recovery with increased on-chain activity, as market volume rose by 800 million in daily transactions.
As of the time of publication, XRP is trading at $2.28, up 0.93% after a slight correction. Despite the positive sentiment in the ecosystem, the asset has lost the critical support level at $2.30 again.
Regardless, market participants remain optimistic that XRP can rise and test the $3 level again. Technical indicators suggest that the asset may soon break out after this prolonged consolidation.
BlackRock speculations fuel optimism regarding ETFs.
In the broader cryptocurrency market, speculation remains high regarding BlackRock's potential entry into the race for XRP spot ETFs. If BlackRock shows interest in XRP, it may lead to a shift in the asset management space.
Although BlackRock previously denied any interest in an XRP exchange-traded fund, a change in interest could increase the chances of approval from the U.S. regulator. For now, bettors in Polymarket remain optimistic that the SEC, led by Gary Gensler, might grant approval before the end of 2025.