The futures open interest of XRP has risen high during the past week registering a gain of more than $1 billion in its value. The rise coincides with the price rally of the word’s fourth largest digital currency XRP which also occurred last week. Currently, the price value is trading successfully in the positive zone.
A Potential Rise of 41.6% In The Past Week In Futures Open Interest
As per new analysis shared by Glassnode in its official tweet, the futures open interest of XRP picked up the pace last week reaching the mark of $3.42 while jumping from the low figure of $2.42 and it happened within the duration of the past seven days.
Overall, the coin saw a spike of 41.6% in its futures open interest which is a staggering increase in spite of the fact the price value of the coin has been trading in the bearish zone in the past few months.
Will This Futures Open Interest Push XRP Rally?
XRP price value has recorded significant gains over the course of the last seven days. Within the duration of the past week, the price value of the coin has surged high by more than 22%. It jumped to its high of two months which is $2.62 before correcting to the level of $2.54 a few hours after.
Currently, the price value of the digital currency is hovering at around the figure of $2.55 with a positive change rate of 4.90% in one day, as the of the press time, and is also up by 21.25% in the past seven days. This means that the fourth biggest crypto by market cap is trading in the bullish zone and is all set to register a bullish rally. The spike in the digital currency’s futures open interest is also a signal of a significant price rally.