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Open interest in XRP OI recorded impressive numbers over the past hour, reaching $1.96 billion. Data available from Queen Glass It reveals that Binance leads other cryptocurrency exchanges with a notable amount of $834.67 million in open interest. This represents 42.62% of the total cumulative XRP interest.
Implications of high open interest
Bitget holds 27.23% of open interest worth $533.26 million. These two exchanges, along with Binance, account for about 70% of the total open interest. However, Binance has a huge lead of $301.41 million over Bitget. This highlights Binance's unique position in the XRP market dynamics.
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OKX, BingX, and Bybit completed the top five with OIs of $187.90 million, $166.97 million, and $155.17 million, respectively. The total of these three exchanges combined is less than Bitget's open interest by more than $23 million.
Open interest numbers are important to investors as the measure gives insight into market speculation for an asset. When open interest rises, this usually indicates uptrends and potential price increases, while low open interest indicates the opposite.
Analysts say the latest numbers are attributable to Ripple Labs' efforts to push for more active participation of XRP in cross-border payments. Which was launched recently Stablecoin RLUSD It also boosted the open interest numbers for the original coin.
Analysts' expectations regarding XRP's path to $3
Meanwhile, in the broader cryptocurrency market, XRP, as of this writing, is trading for $2.25, a notable 4.36% increase over the past 24 hours, according to CoinMarketCap. Data. However, there was a notable decline of 33.32% in the market size to reach $18.6 billion.
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In previous transactions, investors expected the price to rise to the level of $2.50 after it rose to $2.38. However, market volatility caused the token to lose a few cents to its current level.
However, some analysts remain optimistic XRP price may still reach $3 If the asset successfully moves above $2.50. For this to happen, XRP must maintain its current support and rediscover its upward momentum.
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