1.43 Billion XRP in 24 Hours, Whats Happening?

Ripple-linked XRP has continued to give conflicting signals to investors ion the broader cryptocurrency market. Despite bullish news of its potential in the U.S. Strategic Crypto Reserve (SCR), the price has not leaped in value.

XRP open interest spikes despite price drop

However, data from CoinGlass shows a significant surge in XRPs Open Interest in the last 24 hours. Investors holding the altcoin committed 1.43 billion XRP in open interest as a huge bet on the asset. This volume is valued at $3.35 billion at current market value.

Related

This signals an uptick in market activity as participants continue to trade the coin in anticipation of a rally. Traders are betting on XRP to register an upward movement in price, supported by the Strategic Crypto Reserve and other developments.

Although the price has yet to experience any increase, analysts insist that the market could witness a shift at any time.

As of this writing, the XRP price was changing hands at $2.31. This represents an 8.97% decline in the same 24-hour period, when its Open Interest recorded a spike. The trading volume has also plummeted by 10.43% to $7.38 billion.

These conflicting signs, between price and trading volume on the one hand and a surge in Open Interest on the other, have sparked concerns.

Will XRP recover and challenge $3？

Some traders expected XRP to ride on the SCR sentiment toward the $3 level, hoping it could retest its all-time high of $3.84. However, not all welcome XRPs addition to the Strategic Crypto Reserve.

Despite this delayed growth, traders on Bitget, Gate.io, Binance and Bybit have remained active in the crypto space.

Notably, the Bitget exchange led the total Open Interest trend with 28.89% of the total, or 414.95 million XRP, valued at $967.01 million. Gate.io followed with 23.62%, or 338.75 million XRP, worth $790.50 million.

Related

Binance and Bybit saw 18.08% and 16.14%, respectively. While Binance had 259.54 million XRP valued at $605.23 million, Bybit recorded 231.65 million XRP, worth $540.45 million.

With traders betting on XRP futures, experts predict this could trigger a recovery if interest continues and trading volume picks up.