Despite the current value fall, cryptocurrency traders still find Ripple’s XRP to be a lovely digital asset. According to data from Kaiko, a market information company, the volume-to-open interest ratio for perpetual futures on most exchanges remains higher than average. That could be an indication of speculators’ ongoing interest in the cryptocurrency market.
The XRP Quantity to Open Curiosity Ratio across 4 cryptocurrency exchanges for the preceding month was validated by Kaiko’s most recent tweet. Binance, Bybit, Deribit, and OKX are examples of the cryptocurrency exchanges that Kaiko highlights.
Among the numerous mentioned exchanges, Binance maintained the strongest Quantity to Open Curiosity Ratio, with a significant increase in July. Within the thought-about metric, Binance is followed by Bybit, Deribit, and OKX, which are each followed by Bybit.
For all of the crypto exchanges taken into consideration, there were increases in volume throughout July. After Ripple received the complaint against the Securities and Change Fee (SEC), the amount increased significantly. After the increase and a typical market correction for cryptocurrencies, the value of XRP fell.
Kaiko claims that despite the meagre joy at Ripple’s victory and the general decline in the cryptocurrency market, interest in Ripple’s XRP is still impressively high. According to data reflected by the analytical platform, XRP’s quantity to open curiosity ratio consistently exceeds the median price.
Such a large amount of information indicates that XRP is being actively bought and sold in a healthy market by cryptocurrency dealers. A share that is significantly higher than the average indicates strong liquidity and ongoing interest from traders and merchants.
After the court ruled in Favour of XRP in the case against the SEC, its value increased to $0.95. That uptick reflected a 101% gain in a single day. Even if a bullish trend was still present after that, the value pulled back again. Two weeks following the ruling, Ripple is trading at $0.71, a 21% decline from the recently attained annual excessive.
