XRP futures open interest, record high since the beginning of the year | CoinDesk JAPAN | Coin Desk Japan

Open interest in futures linked to XRP exceeded $1.1 billion in the past 24 hours, surpassing the $1 billion level reached last week and hitting a record high this year.

XRP surged 6% for the second day in a row, despite little change in major cryptocurrencies. The token has pulled back after reaching last week’s high of 80 cents.

Open interest (the number of futures contracts outstanding) is up 21% since July 18. An increase in open interest indicates an increase in bets on assets such as tokens and stocks, suggesting an influx of new money into financial markets.

Most of these positions, worth $443 million, are held on cryptocurrency exchange Binance, followed by Bitget at $250 million.

XRP open interest surged to a year-to-date high. (Coinglass)

The recent interest in XRP came after last week’s ruling that the sale of XRP on exchanges does not constitute an investment contract. XRP surged 96% in response, with trading volumes jumping to billions of dollars in the immediate aftermath.

Bitcoin (BTC) and Ethereum (ETH) rebounded to support levels of $30,000 and $1,900, respectively, on Monday afternoon in Asian time after triggering a brief dip as traders likely took profit in Monday’s trading.

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Coinglass
｜Original: XRP Futures Set Open Interest Record High for 2023