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.
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%.
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.
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