XRP Price, Futures Open Interest Skyrockets, Signaling Strong Speculative Activity
XRP (CRYPTO: XRP) price climbed 5.46% to $2.55 on Tuesday. The upward movement extends its weekly gains to 18%, as reported by CoinMarketCap data. A massive spike in trading activity has been the major factor behind XRP’s price surge.
XRP’s trading volume has skyrocketed by nearly 140% in the last 24 hours, and reached a substantial $10.51 billion. Data from Glassnode indicates an increase in XRP futures open interest, which has soared by 41.5% in just seven days to reach $3.42 billion.
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The surge in futures activity often reflects increased speculative interest, and can amplify price movements. “This sharp increase in leverage coincides with a price rally from $2.14 to $2.48, suggesting elevated speculative activity and growing directional conviction,” tweeted …
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