XRP, the native cryptocurrency of Ripple, has reached a historic milestone with futures open interest hitting $3.91 billion.
Leading Exchanges
Binance, Bybit, and Bitget are the leading exchanges in terms of XRP futures open interest. Binance leads with 535 million contracts, representing 32.04% of the total. Bybit follows with 524 million contracts (31.27%), and Bitget ranks third with 327 million contracts (19.55%).
Trading Activity Analysis
XRP's derivatives market is bustling with activity, as trading volume surges by 289% to $60 billion, and open interest rises 17.5% to $3.90 billion. Options trading is also expanding, with volume increasing 17.41% to $4.01K, and open interest up 16.20% to $992.33K. The long/short ratio stands at 0.9932, indicating nearly balanced sentiment among traders.
Price Forecasts and Expectations
With XRP's momentum, analysts believe that the $3 mark could be reached in the coming weeks. Forecasts suggest trading between $1.59 and $4.37, with an average target of $2.72. Some predictions even go as high as $5.34 by early 2025.
The progress of XRP in derivatives trading shows positive sentiments among both institutional and retail investors, which is expected to continue in the foreseeable future.
