Recently, the XRP token has shown substantial growth, raising concerns among experts about potential instability.
Sharp Increase in Open Interest
According to CryptoQuant, there has been a significant increase of 37% in open interest for XRP in the last 24 hours. Analyst Maarten Regterschot warns that such spikes can lead to quick sell-offs. He recalls that a similar previous event led to a 17% decrease.
Cryptocurrency Market and XRP
CoinGlass data indicates that the total open interest in XRP has reached $4 billion, marking its recovery to 2021 levels. As of now, XRP is trading at $2.39, up 68% from the previous month and nearly 370% up from the last month.
XRP Prospects and Market Expectations
XRP's growth surpasses the market, driven by Ripple's partnerships and positive expectations for a possible XRP ETF launch. 21Shares filed for an ETF application, boosting expectations for SEC approval. Rumors also circulate regarding potential XRP investments from Elon Musk.
XRP's growth draws investor attention; however, analysts advise caution and risk management amid high volatility.
