Traders Remain Interested in XRP Despite Recent Price Pullbacks

  • XRP remains an attractive digital asset to crypto investors despite the recent price pullback.
  • Kaiko’s data shows that XRP’s volume-to-open interest ratio remains above average on most exchanges.
  • XRP’s traded volume spiked after Ripple won the case against the SEC.

Ripple’s XRP remains an attractive digital asset to crypto investors despite the recent price pullback. Information from Kaiko, the market data platform, shows that the perpetual futures volume-to-open interest ratio remains above average on most exchanges. That is a signal for sustained interest among speculators in the crypto market.

Kaiko’s recent tweet showed the XRP Volume to Open Interest Ratio across four crypto exchanges for the past month. The crypto exchanges featured by Kaiko include Binance, Bybit, Deribit, and OKX.

Binance upheld the highest Volume to Open Interest Ratio among the featured exchanges, with a significant spike in the middle of July. Bybit follows Binance in the considered metric, with Deribit and OKX following Bybit, respectively.

There were spikes in volume in the middle of July for all the crypto exchanges under consideration. The volume spiked after Ripple won the case against the Securities and Exchange Commission (SEC). XRP’s price dropped after the surge, following a general pullback in the cryptocurrency market.

Despite the faded excitement over Ripple’s victory and the overall crypto market pullback, interest in Ripple’s XRP remains remarkably high, according to Kaiko. Data reflected by the analytical platform reveals XRP’s Volume to Open Interest Ratio is consistently higher than the median value.

Such a piece of information suggests that investors in the crypto community are actively trading XRP in a healthy market. A percentage significantly higher than the average indicates strong liquidity and sustained interest from traders and investors.

XRP’s price surged to $0.95 after the court ruled in its favor in the case against the SEC. That rally reflected a 101% gain in a single day. The price pulled back afterward, despite sustaining a bullish momentum. Two weeks after the judgment, Ripple trades at $0.71, marking a 21% pullback from the newly achieved yearly high.

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