XRP has captured investors' attention once again due to market developments and the recent SEC ETF approval. In the following days, an increase in blockchain user activity and trader interest is observed.
SEC ETF Approval
The SEC has officially approved the proposal to convert the Grayscale Digital Fund into a spot ETF, which includes XRP alongside Bitcoin, Ethereum, Solana, and Cardano. This event has led to increased interest from investors and discussions surrounding ETFs.
Increase in Open Interest and Funding Rates
According to data from Glassnode, XRP's funding rate has reached 0.0093%, the highest among all major blockchains. This indicates traders are willing to pay a premium for long positions, reflecting growing confidence in the upcoming ETF approval. Open interest for futures has risen to $2.9 billion, suggesting that traded positions are being built up.
Current Market Situation Analysis
In the last 24 hours, XRP's trading volume on-chain surged by over 637%, outpacing Ethereum and Solana. Although the number of active addresses has declined by 34%, this may be attributed to accumulation, especially with large investors and institutions likely participating. Approximately 80% of XRP's supply is still in profit, limiting selling pressure.
Recent developments in the XRP market indicate potential strategic shifts among market participants as ETF approval opens new horizons for future investments.
