XRP Open Interest and CME ETF Announcement Triggers Altcoins Recovery

• XRP traders showed resilience on Friday by holding on to long positions.
• XRP’s open interest was held firmly above $3 billion.
• CME Group’s ETF announcement triggered an altcoins’ rebound on Friday.

XRP traders showed resilience on Friday by holding on to long positions despite the cryptocurrency’s decline below the crucial $2 support. The traders’ reluctance to close long positions ensured that XRP’s open interest stayed above $3 billion.

With the bullish sentiment intact, XRP rebounded from a $1.94 low on Friday, returning above $2 to trade for $2.18 at the time of writing. The recent price action has boosted investors’ confidence, raising the hopes of XRP users and giving credence to the opinion that the recent decline is a temporary pullback.

CME Group and Solana Futures

Meanwhile, CME Group announced plans to introduce a Solana futures contract on March 17, pending regulatory approvals. The announcement reignited existing ETF optimism among crypto users, considering the several altcoins awaiting ETF approvals from the SEC, including the pending XRP ETFs. Therefore, there is increased buying interest in XRP and the cryptocurrencies with pen…

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