Recently, XRP price has garnered market attention due to ETF news and a surge in open interest.
XRP Price and Interest Surge
XRP's price has jumped from $2.385 to $2.83 in the last seven days. This was partly driven by the filing of an ETF application, with the SEC acknowledging Grayscale's XRP ETF filing last week.
Impact of ETF News on XRP
The ETF news influenced a spike in the open interest (OI) among XRP holders. According to CoinGlass data, XRP’s OI hit 1.57 billion contracts valued at $4.40 billion, a 3.34% increase in the last 24 hours. However, analysts urge caution as XRP's trading volume hasn't matched the increase in OI and price. Additionally, 21Shares received acknowledgment from the SEC.
XRP Future: Will the Price Hit $3?
While the ETF continues to spark interest, the futures market sees active participation, with Bitget leading the way. As of writing, XRP's price stands at $2.81, a 2.32% increase in the last 24 hours. The question of reaching $3 remains, with market watchers keeping a close eye on developments.
Despite the attention on XRP and the bolstering of its price from ETF news, the market needs to moderate expectations. Analysts emphasize aligning trading activity with rising optimism.
