XRP Declines 5.26% in Key Metric Despite Mild Price Resurgence
XRP has suddenly flipped to the bullish side of the market after trading steadily in the deep red territory for over a week. On Saturday, Oct. 18, XRP saw a mild resurgence in its price, which surged by 5.72% over the last 24 hours.
However, the XRP open interest volume has declined by about the same rate during the same period, falling 5.26% to around $3.50 billion, according to data provided by CoinGlass.
XRP bulls not fully activated?
After multiple days of consolidation that saw XRP retest the $1 mark, the market has seen it emerge as one of the top daily gainers today.
Although the consistent price declines previously faced with XRP has seen investors’ confidence fade amid rising uncertainty, its current price trend is finally restoring hope to investors. However, it appears that many traders are still taking caution as the bullish trend is yet to reflect in the XRP derivatives market.
The surge in XRP’s price witnessed today marks the first significant upward movement recorded since the massive Oct. 10 crash. The surprising price dynamics have caught the attention of both retail investors and institutional players looking for signs of renewed strength.
Nonetheless, the encouraging price action has not yet impacted the XRP derivatives market, which is still showing heavy declines despite the shifting sentiment. The data shows that only 1.49 billion XRP worth about $3.50 billion has been committed in active futures contracts over the last 24 hours.
It is important to note that open interest is a crucial metric that reflects the total value of outstanding futures and perpetual contracts of a particular cryptocurrency.
While it is showing a decline of 5.26% over the last day, it appears that the ongoing rally in the price of XRP lacks strong conviction from traders.
Nonetheless, a downward movement in open interest at a time when the concerned cryptocurrency is seeing a notable price resurgence appears to be a sign of reduced speculative activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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