The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripple-news-xrp-futures-shatter-open-interest-record-for-the-year-2023/">Ripple News: XRP Futures Shatter Open Interest Record for the Year 2023</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Open interest in XRP-tracked futures has experienced a significant increase, surpassing $1.1 billion within the last 24 hours. This marks a new record high for the year, surpassing the $1 billion level reached last week. 
Despite major cryptocurrencies showing little change, XRP tokens have seen consecutive gains, rising by as much as 6% for the second day in a row. The tokens reached a value of 80 cents, matching the highs of the previous week, before experiencing a slight pullback. 
The surge in open interest reflects a 21% increase since Tuesday, indicating a higher number of outstanding futures contracts. This suggests a growing number of bets on XRP tokens or stocks and implies an influx of new capital into the financial market, often signaling the expectation of a continuation of the current trend. 
Among the various exchanges, the majority of these positions, worth $443 million, are held on Binance, followed by Bitget at $250 million. 
<h2 class="wp-block-heading" id="h-xrp-interest-is-on-the-rise">XRP interest is on the rise</h2> 
This renewed interest in XRP tokens follows a recent U.S. court ruling stating that the sale of XRP on exchanges does not qualify as an investment contract. Subsequently, XRP experienced a surge of up to 96% following the court order, accompanied by a significant increase in trading volumes, reaching billions of dollars immediately after the ruling. 
According to CoinMarketCap data, XRP is trading at $0.7941, with a 6.3% gain in value over the last 24 hours. XRP is up by 67% in the last seven days as the coin dropped from its $0.8 support level. Despite the price performance, the verdict is considered a notable victory for the crypto community as a whole.

Ripple News: XRP Futures Shatter Open Interest Record for the Year 2023

Table of Contents

CoinPedia News

Other articles published on Jul 19, 2023

Larry Fink: Vision For BlackRock and the Future of Investing

CoinMarketCap Releases Intriguing H1 2023 Report on Crypto Market

Bitcoin ETPs Continue to Break Records Following BlackRock’s Bitcoin ETF Application

Stellar Lumens (XLM) Strongly Correlates with XRP: Here’s the Next Price Target

Limited Edition Shiba Inu Cold Wallets Set to Debut Next Week

Conflux Price Prediction: CFX Price Moves in a Descending Channel

Join our free newsletter for daily crypto updates!