Ripple’s native token XRP plunged below the $1 level, hitting a day’s low of $0.98 on Monday. The leading altcoin is now hovering around the $1 mark after crashing by nearly 68% in a year. However, the ongoing fall does not seem to deter investors, as Futures open interest has reached $2.78 billion.
Also Read: Why Buying XRP At $1 Is The Perfect Entry: Big Gains Ahead
XRP: Futures Open Interest Rises To $2.78 Billion on Binance and OKX
Traders on Binance and OKX are leaning long on XRP, with Futures open interest and trading volume jumping 55%, according to the latest report from CoinGlass. Investors taking short positions on XRP have been outnumbered by those going long on the token. For every account going short on the cryptocurrency, three accounts are going long.
The ratio between the short and long positions has widened to a 3:1 ratio this week on Binance. For the OKX exchange, the positions were more or less equal to Binance, with a 3.6:1 split. Therefore, the majority of investors are betting that XRP’s price will rise, and not fall further. Several commentators have projected that the altcoin could bottom out in value soon.
CoinDesk shared a snapshot of the Futures open interest on XRP climbing to the $2.78 billion mark. That’s a meteoric rise, despite the cryptocurrency hitting new lows in three months. This comes even after sentiments turned sour on social media, including X, Reddit, and Telegram, reported the on-chain metrics firm Santiment.
The confidence of an upward trajectory comes even after XRP fell from $3.65 to $1 in a year. Santiment’s data also shows that nearly 50,000 addresses were active in buying, selling, and accumulating XRP in the last 24 hours. Ripple’s ledger is getting active and busier, with more wallets buying, selling, and accumulating the token. This makes the altcoin promising, as several traders are betting on its rise, rather than going bearish on it.