Ripple ($XRP), the world’s fourth-largest digital currency in terms of market capitalization, has seen a significant rise in futures open interest as well as in its price value. $XRP Futures Open Interest has spiked by a staggering 41.5% within the duration of just seven days.
$XRP Futures Open Surges By $1B Over the Last Week
The native digital currency of the cross-border payments firm Ripple has registered potential gains in the past week. According to new data shared by Glassnode, the futures open interest of XRP surged by more than $1 billion over the course of the last week.
The futures open interest skyrocketed by 41.6% and touched the figure of $3.42 billion while rising from $2.42 billion in the past week. This massive surge has come as a result of the price rally that was registered by the fourth-largest digital currency. This spike also signals the growth of directional conviction as well as rising speculative activity.
Rise In Futures Open Interest May Trigger $XRP Price Rally
This spike in the futures open interest of XRP might affect the crypto market in positive terms, triggering the price value of the coin to skyrocket in the short-term case scenario. When the futures open interest moved up last week, the price value of $XRP also jumped to register its two-month high value of $2.62 on the 12th of May this year. The price value of the coin skyrocketed from its consolidation level of $2.13.
As of the time of writing, the price value of Ripple ($XRP) is trading at around $2.55 with a positive change rate of 5.48% in the past 24 hours. However, the rise in the coin’s futures open interest indicates that the coin might enter into a massive bullish rally in the days to come and might break its year high of $3.29.
