Binance and Bybit Dominate XRP Volume as Open Interest Rises

On Oct 11, 2024

XRP open interest rises 3.71%, reaching $713.87M, reflecting growing trader interest in major exchanges.
Binance leads XRP trading volume with $526.32M, followed closely by Bybit with $307.31M.

According to recent CoinGlass data, the Ripple coin, XRP, is rather active. Rising by 90.16%, trading volume came out to be an astounding $1.37 billion.

With $526.32 million, Binance dominated the volume among the main contributors, and Bybit trailed closely with $307.31 million. This rise draws attention to the rising XRP curiosity among main exchanges.

Moreover, open interest in the token saw a little increase of 3.71%, therefore driving the total to $713.87 million. With an XRP/USDT long/short ratio (accounts) of 3.5914, Binance indicates a bigger number of traders with long holdings than shorts, implying a more optimistic sentiment.

XRP Gains Investor Attention Amid Growing Market Momentum and ETF Developments

Meanwhile, XRP is trading around $0.5353 at the time of writing, up 1.35% over the last 24 hours. The daily trade volume especially increased by 50%, reaching $1.32 billion. This rising rise indicates increasing market momentum and implies that both traders and investors are paying XRP fresh interest.

Other developments include Canary Capital Group LLC recently seeking with the U.S. Securities and Exchange Commission (SEC) a second XRP-based ETF.

According to CNF, this file comes in spite of the SEC’s continuous appeal against XRP’s non-security classification, suggesting that unresolved legislative issues surround the token. But this action by Canary Capital indicates the growing curiosity in introducing XRP-based financial solutions to the wider investing audience.

Besides, XRP has been shown technical strength since 2022. The token has verified several hidden bull divergences, as we previously noted, which lead to a possible bullish breakout from a pennant pattern. A strong breakout might rocket XRP by almost 450%, raising its price above $3.3 with more upside possibility.