The open interest for the world\u2019s sixth-largest cryptocurrency has skyrocketed to an all-time high of roughly $1.8 billion, according to CryptoQuant\u2019s data.<\/p>\n
This comes after the recent developments around the company behind the token, as well as the growing hopes for a change in the US regulatory environment.<\/p>\n
The report<\/a> from CryptoQuant\u2019s analyst, maartunn, outlined the substantial increase for both XRP\u2019s price as of late as well as the open interest.<\/p>\n <\/a>XRP Price vs OI. Source: CryptoQuant<\/p>\n The graph above demonstrates that both metrics move in tandem since the US elections three weeks ago. At the time, XRP struggled below $0.6 while the OI was at around $500 million. In the following weeks, Ripple\u2019s token exploded by double and even triple-digits at times and skyrocketed<\/a> to over $1.6 for the first time in over three years on the hype that SEC Chair Gary Gensler will vacate<\/a> his post in January 2025.<\/p>\n The open interest followed a similar trajectory, jumping to $1.8 billion during the weekend, which became its highest level ever.<\/p>\n Aside from Gensler\u2019s announcement, which \u201chas sparked optimism for a more favorable regulatory environment for crypto, including XRP,\u201d maartunn outlined two other reasons behind the growing OI.<\/p>\n \u201c2) Political Shifts: Donald Trump\u2019s recent election victory has brought bullish sentiment, with expectations of more crypto-friendly regulations driving interest in the market.<\/p>\n 3) XRP ETF Speculation: Asset managers have filed applications for an XRP ETF. Gensler\u2019s planned exit raises hopes for approval, attracting institutional investors to XRP.\u201d<\/p>\n Trump carried out a pro-crypto campaign during the election cycle, which many believe helped him secure the landslide victory. He has made numerous promises<\/a> regarding the industry and that his administration will support it and help it thrive, which has helped fuel the recent bull rally.<\/p>\n On the other hand, the inevitable changes at the SEC started a wave of filings for crypto ETFs, and XRP<\/a> is among the most frequently mentioned tokens that could follow the example set by Bitcoin and Ethereum.<\/p>\n Although it\u2019s up by 180% in the past month, XRP\u2019s price at around $1.5 now still shows that the asset is more than 50% down from its ATH reached in early 2018 of $3.4 (according to CoinGecko). This means that it needs more than double its valuation to reach those peaks.<\/p>\n While that sounds like a tough challenge, many crypto analysts remain optimistic that XRP will be able to do just that during this cycle, especially if there\u2019s a rapid and favorable conclusion to the lawsuit against the SEC after Gensler leaves.<\/p>\n In some of the most outrageous predictions, the XRP army has outlined<\/a> targets like $10 or even $30 per coin.<\/p>\n The post XRP Open Interest Reaches New All-Time High: What Does it Mean for Ripple\u2019s Price?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The open interest for the world\u2019s sixth-largest cryptocurrency has skyrocketed to an all-time high of roughly $1.8 billion, according to CryptoQuant\u2019s data. This comes after the recent developments around the company behind the token, as well as the growing hopes for a change in the US regulatory environment. XRP OI at New Peaks The report […]<\/p>\n","protected":false},"author":0,"featured_media":23304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23303"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23303"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23304"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What About XRP ATH?<\/h2>\n
![<\/a>XRP Price vs OI. Source: CryptoQuant<\/p>\nThe graph above demonstrates that both metrics move in tandem since the US elections three weeks ago. At the time, XRP struggled below $0.6 while the OI was at around $500 million. In the following weeks, Ripple\u2019s token exploded by double and even triple-digits at times and skyrocketed<\/a> to over $1.6 for the first time in over three years on the hype that SEC Chair Gary Gensler will vacate<\/a> his post in January 2025.<\/p>\nThe open interest followed a similar trajectory, jumping to $1.8 billion during the weekend, which became its highest level ever.<\/p>\nAside from Gensler\u2019s announcement, which \u201chas sparked optimism for a more favorable regulatory environment for crypto, including XRP,\u201d maartunn outlined two other reasons behind the growing OI.<\/p>\n\u201c2) Political Shifts: Donald Trump\u2019s recent election victory has brought bullish sentiment, with expectations of more crypto-friendly regulations driving interest in the market.<\/p>\n3) XRP ETF Speculation: Asset managers have filed applications for an XRP ETF. Gensler\u2019s planned exit raises hopes for approval, attracting institutional investors to XRP.\u201d<\/p>\nTrump carried out a pro-crypto campaign during the election cycle, which many believe helped him secure the landslide victory. He has made numerous promises<\/a> regarding the industry and that his administration will support it and help it thrive, which has helped fuel the recent bull rally.<\/p>\nOn the other hand, the inevitable changes at the SEC started a wave of filings for crypto ETFs, and XRP<\/a> is among the most frequently mentioned tokens that could follow the example set by Bitcoin and Ethereum.<\/p>\nWhat About XRP ATH?<\/h2>\nAlthough it\u2019s up by 180% in the past month, XRP\u2019s price at around $1.5 now still shows that the asset is more than 50% down from its ATH reached in early 2018 of $3.4 (according to CoinGecko). This means that it needs more than double its valuation to reach those peaks.<\/p>\nWhile that sounds like a tough challenge, many crypto analysts remain optimistic that XRP will be able to do just that during this cycle, especially if there\u2019s a rapid and favorable conclusion to the lawsuit against the SEC after Gensler leaves.<\/p>\nIn some of the most outrageous predictions, the XRP army has outlined<\/a> targets like $10 or even $30 per coin.<\/p>\nThe post XRP Open Interest Reaches New All-Time High: What Does it Mean for Ripple\u2019s Price?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"The open interest for the world\u2019s sixth-largest cryptocurrency has skyrocketed to an all-time high of roughly $1.8 billion, according to CryptoQuant\u2019s data. This comes after the recent developments around the company behind the token, as well as the growing hopes for a change in the US regulatory environment. XRP OI at New Peaks The report […]<\/p>\n","protected":false},"author":0,"featured_media":23304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23303"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23303"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23304"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/11\/1111.webp\"){kind=link}