Recent funding data shows a growing interest in Ethereum (ETH) and Ripple (XRP), presenting a positive sign for trading investors.
ETH and XRP Market: Observations and Trends
In recent days, funding for ETH and XRP has seen an increase, rising to 0.0083% and 0.0093% respectively. This indicates a growing interest in opening long positions. Over the past day, the open interest for ETH rose to $14.9 billion, while for XRP it stabilized at around $1.68 billion. In both cases, a trend towards long positions suggests hopes for recovery.
Launch of Ripple's EVM-Compatible Chain
Ripple has announced the launch of its EVM-compatible chain XRPL, allowing interaction with the Ethereum ecosystem. This chain was created to increase liquidity and provide developers with a familiar toolkit for creating applications. The launch demonstrates Ripple's commitment to maintaining its unique ledger while offering more versatile tools for developers.
Prospects and Impact on the Ecosystem
The successful launch of the EVM-compatible chain could lead to a growth of decentralized finance (DeFi) on the XRPL network, enabling developers to create Ethereum-like applications. Existing bridges, such as Axelar, already allow XRP users to swap ETH and USDC, adding cross-chain interaction capabilities and increasing activity on the platform.
Thus, the increased interest in ETH and XRP, along with the launch of Ripple's EVM-compatible chain, could indicate pivotal moments for the recovery of these assets and broader growth in the crypto market overall.
