XRP continues to show strong results in the cryptocurrency market, attracting investor attention due to the high percentage of profitable holders and increasing open interest in derivatives.
XRP Profit Dynamics
According to on-chain data, 80% of XRP’s supply is currently in profit, significantly exceeding Ethereum’s 61%. This indicates a stronger conviction among XRP holders and positive sentiment among investors.
Increasing Derivatives Open Interest
According to Coinglass data, XRP’s derivatives open interest currently stands at $4.20 billion after a 4.95% increase. Positive open interest signals rising market interest and increased capital inflow from institutional investors.
XRP Prospects and ETF
Market analyst Lingrid points to a potential accumulation phase for XRP, which may lead to a price movement towards the $2.30 - $2.35 range. "XRP quickly bounced back, defending the key support level between 2.00 and 2.05," she notes. At the same time, Ripple is moving towards concluding its legal battle with the SEC, which could fuel progress towards an ETF. Ripple CEO Brad Garlinghouse confirmed the intention to drop its cross-appeal, suggesting a resolution is near.
With the high profitability among holders and increased institutional interest, XRP is viewed as a promising cryptocurrency, having made significant legal strides towards a potential ETF.
