The analytics firm noticed that some unusual data related to XRP was recorded in onchain data. Here are the details.
CryptoQuant, a popular cryptocurrency analysis firm, recently published a comprehensive analysis of Ripple (XRP), highlighting the significant increase in Open interest (OI).
According to CryptoQuant, open interest on XRP has increased significantly compared to other cryptocurrencies. This trend is clearly reflected in the presented chart, which shows a significant increase in open interest.
The report shows that as XRP price increases, open positions also increase. This shows that investors are opening more positions with Expect XRP price to increase.
However, CryptoQuant also warns about the possibility of market volatility. According to the company, when open interest increases with price, it not only reflects investor expectations and actions but can also lead to sudden fluctuations of the market. Therefore, the company said it will closely monitor market fluctuations and prioritize risk management.
At the time of this writing, XRP price is trading at $0.4983 after increasing about 1% in the past 24 hours. In the last week, this altcoin price increased by 2.23%.
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