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- Category: Ripple
- Published: Saturday, 10 July 2021 23:28
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Who’s bullish now? XRP below $1, futures open interest down by 75%
Traders are clearly nervous after XRP corrected by 54% and the futures open interest premium flipped negative.
Who’s bullish now? XRP below $1, futures open interest down by 75%MARKET ANALYSIS
XRP’s price soared 260% in April, moving from $0.57 on March 31 to $1.97 on April 14, its highest level since January 2018. The move caused XRP futures to reach an impressive $2.1 billion in open interest.
However, on Wednesday, as cryptocurrency markets collapsed, XRP lost 60% in four days, liquidating $510 million of long positions. The futures open interest retraced to $550 million, roughly the same level from early February when the altcoin traded near $0.40.
Investors are now questioning whether XRP futures will ever be able to recover to a multi-billion-dollar market. Were April’s figures inflated by excessive leverage, or is it just a matter of time until it rebounds to previous levels?
XRP futures aggregate open interest. Source: Bybt
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