Ripple (XRP) Breaks Another 2023 Record Today: Here’s What
While XRP's price is surging, the cryptocurrency has just set yet another record for 2023.
Ripple’s XRP has been all the rage lately, and that’s to be expected.
The company won a massive victory in the legal clash against the US Securities and Exchange Commission last week, sending XRP prices into the stratosphere. It exploded by more than 70% on the news, pushing the entire market with it. Now, XRP has broken another yearly record.
- Throughout the past few days, the open interest in XRP futures contracts has skyrocketed. This follows the ruling that secondary sales of XRP do not constitute investment contracts.
- As a consequence, a lot of exchanges that had previously delisted the cryptocurrency listed it again, prompting an influx of open positions.
- Today, the open interest stands at $1.05 billion across multiple exchanges, and the only time it was higher was on July 13th, when it was $1.08 billion.
- This is the highest XRP futures open interest has been since the beginning of the year.
- Open interest is calculated by summing up all the open positions, regardless of whether they are long or short, and subtracting those that have been closed.
- It is a metric that could provide valuable insights and help make better investment and trading decisions.
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