1.6 Billion in 24 Hours: XRP Open Interest Returns to Peak Levels

Volatility has continued to rock XRP following its fall from a 24-hour high of $2.72 to a low of $2.361. With the price dropping this low, XRP Futures Open Interest (OI) also nosedived by over 12% within the same period, per data from CoinGlass. Despite this rate fall, XRP OI appears to be returning to its peak, with over 1.6 billion XRP committed by traders overall.

Big money bets is good for XRP

At the time of writing, XRP is down by 4.56% to $2.57. Despite recording a trading volume of over $34 billion, the 34% slip in this metric proves the shift in sentiment compared to the 24-hour price mark.

The price of XRP veered off the bullish path when the South Korean market, the source of the coin’s retail liquidity, closed down over the temporary declaration of martial law. For a coin heading to its all-time high (ATH) above $3.84, the asset's price suffered a forced reset.

With retail traders shaken out temporarily, futures traders are stepping in to help sustain sentiment. Per the XRP/USDT 1D Chart, the Relative Strength Index 87 proves that XRP’s bullish hype is not yet cleared.

XRP whales have also helped retain the buying sentiment as the ecosystem takes a watch-and-see approach.

Focus on functionality

As the price of XRP is subpar compared to its level at the start of the week, there is a gradual shift in its utility overall.

With defined upgrades going live on the XRP Ledger protocol, applications that can drive demand for the coin are getting the right boost. Ripple Labs is also at the tail end of launching its RLUSD stablecoin.

This stablecoin will power XRP with more liquidity, further helping to bolster more niche-specific trading. The firm is at the tail end of securing a New York license that might push the coin closer to launch.