CandleFocus XRP Sees Record Futures Bets Amid Price Surge Above $1.20
2024-11-17
Author: Content Editor
XRP-tracked futures are experiencing growth and reaching record highs due to regulatory clarity and upcoming technical changes. Open interest in XRP and US dollar-denominated futures positions has reached record levels, with over 2 billion tokens worth nearly $2 billion. Traders are slightly biased toward short positions, indicating their positioning over a short-term period. The increase in open interest and prices suggests new money entering the market and a bullish trend. XRP prices spiked over 20% in 24 hours, reaching a three-year high of above $1.20. The optimism among traders is that a cryptocurrency-friendly Trump administration could benefit tokens tied to US-based companies, such as Ripple Labs. The upcoming RLUSD stablecoin by Ripple Labs may also boost future gains in XRP. Amidst these developments, XRP has outperformed Bitcoin and the broader crypto market.
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