XRP Futures Open Interest Surpasses $1 Billion on Binance Amid Market Reactions to Ripple Developments
Main Idea
XRP's futures open interest on Binance surpassed $1 billion, driven by recent Ripple developments and increased market activity, indicating bullish sentiment.
Key Points
1. XRP futures open interest reached $1.33 billion on Binance, with trading volumes exceeding $3.82 billion.
2. The XRP/USDT trading pair contributed $1.05 billion to the total open interest.
3. XRP Futures Trade Count hit 4.04 million, the highest on any major crypto exchange.
4. The surge in open interest is attributed to developments in the Ripple-SEC case and Ripple's acquisition of Rail for $200 million.
5. Ripple's acquisition of Rail is expected to enhance its global payments capabilities, potentially increasing XRP's utility.
Description
XRP recently surpassed $1 billion in open interest on Binance, reflecting heightened trading activity as investors respond to recent Ripple developments. XRP Futures Open Interest reached $1.33 billion on Binance,
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