XRP Open Interest Surges Amid Market Speculation

According to PANews, recent data from CryptoQuant reveals that XRP's open interest soared to nearly $2.92 billion on October 5, highlighting increased speculative activity among traders. This surge in open interest indicates a significant influx of capital into leveraged positions, often signaling heightened market volatility. Currently, XRP's price remains stable around $2.99, approaching the $3 resistance level. Analysts note that despite the establishment of multi-billion dollar contracts, XRP has yet to effectively break through the $3 mark, suggesting a fierce battle between bulls and bears at this critical level. A strong breakthrough above $3 could see the substantial open interest fueling further price increases, whereas a price decline might trigger widespread long liquidations.