The price of XRP has increased from $ 2.385 to $ 2.83 in the past seven days. This XRP’s counted step is partially run by approval of the ETF Fund. It is worth noting, during the week, the US Securities and Stock Exchange Committee (SEC) indicated that ETF XRP ETF files.
Open attention screws amid ETF news, but are they sustainable?
The effect of this development on the increase in open interest (OI) among XRP holders. OI is the number of future contracts or open options for traders at XRP terms and dollars.
According to Coinglass DataThe open interest of XRP was 1.57 billion, at a value of $ 4.40 billion, an increase of 3.34 % in the past 24 hours.
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This increase in OI, along with the price, refers to a new purchase in the XRP community and may indicate the upscale feelings among merchants. That is, the market participants are optimistic about a possible progressive price for XRP.
However, analysts are advised to be cautious by investors because the XRP trading volume has not increased with the increase in open interest and prices.
SEC’s second XRP ETF Acknowledged helped maintain continuous positive signals. It is worth noting that the 21shares files gained the recognition of the organizational authority about 24 hours ago.
This increases the number of asset managers who applied to launch Spot XRP ETF products. Others include gray, bitWise, Canary Capital, Coinshares and Wisdomtree.
Can XRP break $ 3?
As XRP ETF continues to stimulate the market participants, traders adhered to the futures market with various exchanges. It is worth noting that Bitget leads a total of 439.58 million XRP at a value of about $ 1.24 billion.
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Gate.IO, Bybit and Binance 320.62 million XRP, 310.25 million XRP and 297.63 million XRP, follow. The cash value of all the open interest of these stock exchanges amounted to 900.57 million dollars, 871.52 million dollars and 836.59 million dollars in this request.
To this writing, the price of XRP was Change Hands at $ 2.81, an increase of 2.32 % in the past 24 hours. Market monitors are strongly monitoring if the XRP news can pay the price to 3 dollars in the long run.
