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Sources report that Ripple Labs has garnered sizeable crypto attention as the open interest for XRP goes over $1 billion. This rise might be attributed to the beta tests of the RLUSD Stablecoin, which is being tested both on the XRP Ledger and the Ethereum blockchain.
XRP Open Interest Crosses $1 Billion
Open interest in XRP futures has hit the $1 billion mark which was last observed in March and June of last year. Over the weekend, bets on XRP futures reportedly took a steep hike, steering the open interest in XRP (XRP) tokens to unprecedented numbers augmented by the speculations around the RLUSD Stablecoin.
Open interest (OI) reportedly denotes total outstanding derivative contracts that stay unsettled for an asset. A rise in OI, along with a price increase, normally signals a new capital coming into the market. On the other hand, if the price goes up with OI moving down, the chase may be powered by short covering instead of real buying interest, heralding a weaker trend.
Ripple has been reportedly minting sizeable amounts of the RLUSD Stablecoin, showing that the development phase is close to completion. This has given rise to excitement on social platforms like X, where users keep track of these minting activities.
On Monday, sources reported that Ripple confirmed that the RLUSD Stablecoin stays in private beta testing on the XRP Ledger and the Ethereum blockchain. In a post shared on X, Ripple warned the public about scams using the stablecoin to trick naive investors. Ripple’s official statement clarified that it has not been released yet.
Additionally, Ripple plans to use the RLUSD Stablecoin for international payment solutions, providing liquidity and empowering faster, more economical transactions. Moreover, it envisions the coin to contribute to decentralized finance (DeFi) protocols across several blockchains.
XRP Futures and Trading Activity
Data from reporting sources unveil that crypto exchanges Binance and Bybit make up almost half of the bets placed on XRP futures. Along with the increase in XRP futures, spot trading volumes have also travelled uphill in recent days. In the past week, spot trading volumes for XRP grew exponentially, touching $2.5 billion on Sunday.
As a consequence of this growing interest, the price of XRP has gained from the recent hike in interest, reflecting a 7.4% gain in the past seven days. This dominates the general crypto market along with major cryptocurrencies like Bitcoin (BTC), which remained stagnant during the same timeframe. The wider crypto industry, tracked by the CoinDesk 20 index (CD20), showed a 2.7% gain, making XRP one of the top currencies in the industry.
The interplay of growing open interest, enhanced trading volume, and optimistic price performance demonstrate the market’s sentiment around the RLUSD Stablecoin and Ripple’s future developments. The wider crypto market is observing the movements of the platform to look for release news.
Conclusion
As Ripple carries forward to its private beta testing of the RLUSD Stablecoin, the hike in open interest and trading volume for XRP shows the increasing spark within the crypto community. With the RLUSD Stablecoin ready to be a major player in global payments and DeFi protocols, Ripple’s developments are being closely observed by traders and investors alike.
The increased involvement and market activity around XRP shows that the next stage of RLUSD Stablecoin testing could drive even more traction to Ripple’s landscape, potentially influencing both XRP and the wider crypto market. The industry is awaiting the impending official release after the successful beta tests to decide how to move forward with this new facilitated product in the market. Learn more about Ripple’s developments and its stablecoin price movements with TurkishNYRadio.
