#XRP

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𝙓𝙍𝙋 𝙊𝙥𝙚𝙣 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙎𝙠𝙮𝙧𝙤𝙘𝙠𝙚𝙩𝙨 𝘼𝙝𝙚𝙖𝙙 𝙊𝙛 𝙋𝙧𝙤𝙎𝙝𝙖𝙧𝙚𝙨 𝙓𝙍𝙋 𝙀𝙏𝙁 𝘼𝙥𝙥𝙧𝙤𝙫𝙖𝙡

XRP open interest has reached its highest level in months. This increase comes as investors speculate about the possible approval of a dedicated XRP ETF by ProShares. The mix of strong technical activity and interest from institutional investors suggests that the token could be on the verge of a major price rise.

According to market data from Coinglass, open interest (OI) in XRP futures has exploded to levels not seen since January, briefly touching 800 million XRP before settling at 743 million. This figure shows a 33% increase from the low on June 22, indicating that derivatives traders are feeling more positive.

XRP futures have now surged back to their previous all-time high, nearing $5 billion in open interest. Open interest refers to the total number of active futures or options contracts in the market, a critical indicator of market participation and trader conviction.

Interestingly, XRP’s spot price has stayed stable, despite a futures trading spike. Analysts attribute this to varying trading trends worldwide. As CoinGape reported, Upbit, South Korea’s largest exchange, has seen a lot of XRP coming in, while most other international exchanges have lost about $8.82 million in XRP.

Although the XRP ETF has not yet received formal approval from the U.S. Securities and Exchange Commission (SEC), similar listings for Bitcoin ETFs in the past have preceded green lights from regulators. The move has reignited speculation that a regulated XRP ETF could be just around the corner, further legitimizing the asset in the eyes of institutional investors.

With open interest soaring and ProShares securing approval for its XRP ETF, the resulting surge in capital could propel the asset to new heights in both futures and spot markets.