XRP OI Up 38%: Where Will Price Go?
Main Idea
XRP's Open Interest (OI) surged by 38.03%, indicating increased market activity and speculation, while its price dropped 9.5% amid broader crypto market declines influenced by weak U.S. employment data and a sell signal on its 3-day chart.
Key Points
1. XRP Open Interest (OI) increased by 38.03%, with $7.24 billion allocated to its futures market, signaling heightened trading activity.
2. XRP's spot trading volume rose by 12%, reflecting increased liquidity and investor interest.
3. XRP's price declined by 9.5% over the past week, partly due to disappointing U.S. employment data, which showed only 73,000 jobs added in July and downward revisions for May and June.
4. The broader crypto market, including Bitcoin and Ethereum, also dropped, with Bitcoin falling 4% to $112,158.
5. A sell signal for XRP appeared on the 3-day chart, with $2.40 highlighted as a key price level.
Description
Are XRP whales buying the dip?
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