XRP News Today: XRP Surges 80% in Profit, Derivatives OI Up 4.95%

XRP, the cryptocurrency associated with Ripple, has recently demonstrated significant strength in the market, with 80% of its supply now in profit. This figure surpasses Ethereum, where 61% of its supply is in profit, according to on-chain data. The substantial profit margin for XRP indicates a higher level of conviction among its holders, suggesting a more bullish sentiment compared to Ethereum. This positive outlook could potentially attract increased interest and investment in XRP.

The derivatives open interest (OI) in the XRP ecosystem further supports this bullish sentiment. Currently, XRP derivatives OI stands at $4.20 billion, reflecting a 4.95% increase. Open interest in derivatives is a crucial metric for gauging market sentiment and activity, as it represents the total number of outstanding futures or options contracts that have not been settled. Positive XRP open interest signals rising market interest and increased capital inflow from institutional investors.

Market analyst Lingrid suggests that XRP might be in a stealthy accumulation phase, which could lead to a sharp upward move to the zone between $2.30 and $2.35. Lingrid noted that XRP dropped into the IMB zone and quickly bounced back, defending the key support level between $2.00 and $2.05. The chart indicates a potential accumulation structure forming after a falling wedge breakout, with the price beginning to coil toward a higher low. A series of higher lows is instrumental in confirming an uptrend, as each pullback ends at a price higher than the previous one.

XRP was up 0.9% in the past 24 hours, trading at $2.18. Additionally, the path to a spot XRP exchange-traded fund (ETF) is becoming clearer as Ripple moves to end its nearly five-year legal battle with the United States Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse confirmed that the company will drop its cross-appeal, signaling that a final resolution is near. This development could further boost investor confidence in XRP, potentially driving more capital into the cryptocurrency.