XRP demonstrates high profitability among holders, highlighting investor confidence. Attention to the cryptocurrency is also linked to real market changes.
Profitability of XRP and Ethereum
According to on-chain data, 80% of XRP's supply is currently in profit, significantly exceeding Ethereum's 61%. This indicates a higher level of confidence among XRP holders.
Open Interest in XRP Derivatives
The open interest in XRP derivatives stands at $4.20 billion, marking a 4.95% increase. This reflects growing investor confidence in the XRP ecosystem, which is a crucial market sentiment indicator.
Growth Prospects for XRP and ETF
Market analyst Lingrid suggests that XRP may be in an accumulation phase poised for growth in the $2.30 to $2.35 range. The protection of key support levels and the impending resolution of Ripple’s case with the SEC may further clarify the path for a spot XRP ETF.
Data on XRP's profitability and the increase in open interest point towards positive developments in investor sentiment. Stages of growth for the cryptocurrency could be accelerated by ongoing developments in Ripple's legal situation.
