“Despite Bullish Signals in Futures, Xrp’s Spot Price Relatively Stable.”, – WRITE: www.coindesk.com
On Monday, Cumulative Open Interest in Xrp Perpetual Futures Listed on Major Exchange Briefly Rose to 800 Million XRP, The MOST SINCE JAN. 19, accounting to Data Source Velo. The Platform Tracks Activity in USDT and USD Perpetuals Listed on Binance, Bybit, OKX and Hyperliquid.
Cumulative Open Interest is Currently 743 Million Xrp, Still 33% Higher Than June 22, WHEN XRP PUT IN ANI INTIM PRICE BOTOM AT $ 1.90.
Open Interest Refers to the Number of Futures Contracts Open or Active at A Given Time. An Increase Represents An Influx of Money Into the Market, Although It Doesn’t Give Any Clues about the Nature of the Flows.
That said, the recent surge in Open interest sems to have been lad by traders chasing bullish long bets. That’s Because perpetual Funding Rates Have Consistently Held Positive, Occasonally Topping The Annualized 10% Mark, Pointing to Demand for Bullish Exposure.
Exchanges Typical Collect Funding Rates Every Eight Hours and Involve Longs Paying Shorts When the Demand for Bullish Bets Results in Perpetuals Trading at a Premium to Spot.
Xrp Perpetual Futures Open Interest Versus Funding Rates. (Velo)
Also Pointing to the Bullish Mood in the Market is the “Top Tradeer Long/Short Ratio” in the Binance-Listed XRP/USDT Market. As of writing, the ratio tracked by coinglass stood at 1.90, Implying that for every short, there are Two Long positions Open. Short Positions Profit Who the Cryptocurrency Decklines.
Last Week, The Deribit-Listed Options Market Saw Traders Chase The Higher Strike Xrp Calls.
Still, The Cryptocurrency’s Spot Price Is Yet to See Notable Bullish Volatility. On Monday, Prices Rose to A High of $ 2.35, The Level Last Seen at the End of May, Only to Quickly Fall Back to $ 2.25 and Remain AROUND THAT Level.
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