With XRP strongly holding above $3 on September 16, the leading altcoin is flashing bullish signals in major on-chain metrics. Data from Coinglass shows that XRP has maintained a steady movement in its open interest over the last day.
Amid the broad crypto market rebound, which has seen leading cryptocurrencies post notable daily gains, XRP has also resumed its uptrend, and its open interest has presented a positive outlook for the token’s price.
While investors have shown optimism regarding XRP’s short-term potential, it appears they may be exercising caution in futures activities, as no notable changes have been recorded in this on-chain metric over the last day.
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Notably, the data shows that the amount of tokens committed to the XRP futures market has increased by only 0.49% in the last 24 hours, standing at 2.78 billion XRP as of writing.
It is important to note that open interest measures the volume of futures contracts yet to close on XRP. Currently, investors have left over $8.48 billion worth of XRP futures contracts open, signaling continued confidence in further upside potential.
Where is XRP headed?
Although XRP has just recovered from a brief price decline that saw its price lose resistance at $3 and drop as low as $2.70, the modest resurgence in open interest suggests that a bigger move may still be ahead.
With the first U.S. XRP ETF set to go live this week, investors remain confident that XRP is still on track for the long-anticipated $3.60 breakout.
With billions of XRP staked in the asset’s futures market, the key on-chain metric suggests that while some investors may be cautious, a majority remain optimistic about a potential price surge.
Further data showcased by the source shows that Bitget users account for 21.32% of the total open interest, marking the highest share across all supported exchanges. This was followed by Binance and CME, holding 15.39% and 14.85% respectively.