Traders’ Interest In XRP Remains Solid Despite Price Retreat, Data Shows
29 July 2023 - 4:05PM
NEWSBTC
The enduring allure of XRP, despite market volatility, may be
evidence of its continued relevance, as it has continued to attract
the interest of traders and investors equally. Even as the dust
settles after Ripple’s recent victory jubilation, the
cryptocurrency market remains keen on XRP. Kaiko, a provider of
market data on digital assets, reports that the open interest ratio
on XRP futures trades on prominent exchanges remains quite
impressive. Recently, the crypto market has experienced a pervasive
price reversal. Despite the pullbacks, traders’ interest in the
Ripple cryptocurrency remained remarkably high, according to Kaiko.
At the time of writing, XRP was in the red in all timeframes,
trading at $$0.712, down a measly 0.02% in the last 24 hours, and a
considerable 8.4% in the last seven days, data from crypto market
tracker Coingecko shows. Given these numbers, XRP is still able to
shine in another key department. XRP in crimson in all timeframes
during the weekend. Source: Coingecko XRP Community Remains Upbeat
About The Crypto Kaiko shows that across numerous markets, XRP’s
volume-to-open interest ratio is consistently higher than the
median value. This reliability suggests that the XRP coin is
actively traded in a healthy market. This percentage is
significantly greater than the market average, indicating strong
liquidity and sustained interest from traders and investors. On
prominent exchanges, the volume-to-open-interest ratio is also used
to measure trading activity. When the interest metric is high, it
indicates that more purchasers and sellers are willing to trade the
token, which indicates speculative interest. A favorable
volume-to-open interest ratio could be a signal for market
participants to trade in such a token. Related Reading: Dogecoin
Ascendance: How It Captured PEPE Investors’ Attention Ripple’s
popularity on social media, as assessed by Santiment, has increased
dramatically over the previous two months, reflecting the
excitement surrounding the cryptocurrency. Its social dominance
increased dramatically in late May and early June, peaking at over
4%. Source: Santiment Ripple had just roughly 2% of the social
market share at the time this story was published. Despite the
fact that this number may appear tiny, it demonstrates that the
cryptocurrency has a significant presence and impact in the crypto
community as a whole. Despite the fact that Ripple appears to be a
minor topic of discussion, it has managed to stand out as a
formidable contender, attracting the attention of enthusiasts and
experts alike and causing them to discuss it. XRP market cap
currently at $37 billion. Chart: TradingView.com In the
ever-evolving world of cryptocurrencies, where numerous digital
assets vie for attention and recognition, Ripple carved out a
useful niche for itself, influencing discussions about blockchain
technology and financial innovation. Strong Social Footprint Even
though Ripple must contend with other well-known cryptocurrencies,
the fact that it has maintained a strong social presence indicates
that it has a large number of supporters and investors. Related
Reading: Is Arbitrum Promise Fading? Downtime, Metrics Decline
Raise ARB Price Alarms Meanwhile, the loss of nearly 10% of XRP’s
value over the past week appeared insignificant to some
speculators. Based on figures from Santiment, the funding rate for
cryptocurrencies was 0.1%. A positive reading of the funding rate
indicated favorable sentiment on average. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Times Tabloid
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