XRP Surges 8% as Open Interest Tops $3 Billion

Coin WorldSaturday, Mar 1, 2025 7:01 am ET

1min read

XRP, the native cryptocurrency of the Ripple network, has witnessed a significant surge in open interest, with a notable increase of 8.43% in recent days. This development hints at a potential bullish momentum amidst the broader market recovery. The surge in open interest comes as XRP defies broader market trends, indicating a potential recovery trajectory amidst varying investor sentiments.

According to data from CoinGlass, XRP's total open interest has exceeded the pivotal $3 billion mark, reflecting a significant shift in market dynamics. In just a 24-hour period, over 1.40 billion XRP was committed in open interest, resulting in a valuation of approximately $3.07 billion. This surge demonstrates a marked increase in trading activity and investor engagement.

The recent spike in open interest corresponds with a positive price movement, with XRP gaining approximately 8.23% and currently trading at about $2.21. Market analysts suggest that this upward motion in XRP values could signify a bullish trend, indicative of a broader recovery phase. The ability of XRP to bounce back from a dip below $2 demonstrates its potential resilience and high performance relative to its peers.

As XRP continues to show signs of recovery, the trading activity on various exchanges has also shifted notably. CoinGlass data highlights that the Bitget exchange has taken the lead, accounting for a substantial 29.38% of total open interest. With an impressive total of 412.38 million XRP valued at around $901.97 million, it is clear that traders are focusing their efforts on platforms that enhance liquidity.

Other significant exchanges in this shifting landscape include Binance, Gate.io, and Bybit, which reported respective shares of 20.5%, 19.65%, and 17.25% of the total open interest. Specifically, Binance recorded 287.56 million XRP worth approximately $629.32 million, moving it to second place in open interest contributions. Following closely, Gate.io reported 275.46 million XRP valued at $603.24 million, while Bybit managed to secure 241.94 million XRP with a worth of $529.84 million.

Experts in the crypto space are optimistic

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