The $XRP currency recorded
A bullish shift as investors bet on the futures market for the assets. This led to traders committing $3.96 billion for over 1.8 billion XRP in the past 24 hours, with the fiat currency seeing up to 1,820,000,000 XRP staked in the futures market.
The rise in futures stimulates the price recovery of $XRP
This represents an increase of 0.92% in open interest. Open interest represents the number of futures or options contracts that are open to investors in $XRP and fiat currency. This slight increase indicates that investors may have rekindled their interest in the assets.
The increase in interest led to a price reversal. At the time of publication, #XRP was trading at $2.17, representing an increase of 0.8% in the past 24 hours. However, trading volume did not move out of the red zone, remaining down by 26.84% at $1.8 billion during the same time period.
Some investors are not in a hurry to start acquiring XRP just yet. They may be waiting to see how XRP performs with this price rebound and whether the currency's recovery is sustainable.
The caution may stem from whales recently dumping large amounts of XRP on a prominent cryptocurrency exchange. According to Wh,,ale Al,ert, a large unknown holder transferred $58 million worth of XRP to Coin,,,base, raising speculation.
Achievement of XRP Ledger and optimism about ETFs
Despite this caution, XRP's resilience stands out as the network shows the potential to stimulate a sustainable recovery. The XRP Ledger recently reached an important milestone in network activity, processing over 12 million transactions in 24 hours.
Market participants view this achievement as a sign of renewed confidence in the XRP ecosystem, which could ultimately have a positive impact on the price.
Meanwhile, the odds of approval for the potential XRP exchange-traded fund (ETF) have risen to 90% on Poly,,market. This increase indicates a positive shift in the cryptocurrency market concerning XRP.