Ripple (XRP) Breaks Another 2023 Record Today: Here’s What

Ripple’s XRP has been all the rage lately, and that’s to be expected.

The company won a massive victory in the legal clash against the US Securities and Exchange Commission last week, sending XRP prices into the stratosphere. It exploded by more than 70% on the news, pushing the entire market with it. Now, XRP has broken another yearly record.

• Throughout the past few days, the open interest in XRP futures contracts has skyrocketed. This follows the ruling that secondary sales of XRP do not constitute investment contracts.
• As a consequence, a lot of exchanges that had previously delisted the cryptocurrency listed it again, prompting an influx of open positions.
• Today, the open interest stands at $1.05 billion across multiple exchanges, and the only time it was higher was on July 13th, when it was $1.08 billion.
• This is the highest XRP futures open interest has been since the beginning of the year.

• Open interest is calculated by summing up all the open positions, regardless of whether they are long or short, and subtracting those that have been closed.
• It is a metric that could provide valuable insights and help make better investment and trading decisions.

The post Ripple (XRP) Breaks Another 2023 Record Today: Here’s What appeared first on CryptoPotato.