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XRP open interest is still high despite the recent decline, indicating that traders still carry hurried sites.
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Onchain low on Professor XRP book raises doubts about sustainable price gains above the resistance level 3 dollars.
Xrp (XrpHe decreased by 15 % since it reached $ 3.66 on July 18. The move was accompanied by a decrease of $ 2.4 billion in the interest of XRP Futures Open, a measure that reflects the total value of distinguished independent positions. Traders are now afraid that routine market fluctuations can lead to successive liquidation, which is likely to lead XRP less than $ 2.60.
The above chart clearly shows that the leverage fell 68.7 % between July 1 and July 18, when XRP rose to $ 3.66 from $ 2.17. The total interest of XRP FUTURE Open was an open interest at all $ 11.2 billion on July 18, before declining to the current level of $ 8.8 billion-a decrease of 21 % in US dollars. This decrease prompted speculation that some investors have focused their focus elsewhere.
Until it was measured by XRP units, current contracts represent 2.82 billion 12 % decrease from peak. One can argue that a lot of excessive financial lever has already been disposed of, given that the liquidation totaling $ 325 million during the two weeks ended on July 25. The open interest is still 48 % higher than one month in terms of XRP, which leaves close reasons for caution.
XRP futures grabs despite re -testing $ 3 and ETF
To assess whether whales and market makers show more anxiety to support $ 3, it is useful to analyze Monthly futures contracts Pricing. Under neutral conditions, these contracts are generally circulated by an annual premium of 5 % to 10 % compared to immediate markets.
Over the past week, the XRP monthly futures were constantly circulating by 6 % to 8 %, indicating that neutral morale has not been disrupted by the re -test of $ 3. More importantly, even when XRP rose briefly over $ 3.60, there was no increase in the demand for the upscale financial lever, which reduces the risk of successive liquidation under the ups of regular market.
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Part of the last optimism surrounding XRP comes from speculation about the approval of an ETF in the United States, especially after the ether (EthProducts exceeded $ 18 billion in management assets. Such an event can benefit many altcoins, including Litecoin (Ltc), Solana (Teller), Cardano (Lead).
However, in addition to the legitimate accumulation trends, the market is also affected by the wrong demands of multiple banks that depend on XRP LEDGER Tamulization partnership with Swift, Global Correspondence System. These unfounded rumors gain strength on social media, and attract the attention of the trader, although there is no reliable evidence.
In practical practice, decentral financing applications (Defi) did not gain on Professor XRP note after a large accreditation. According to RWA.XYZ data, there are only $ 134 million of distinctive assets on the network, which is much lower than the 10 best categories and under 190 million dollars from Avalanche.
Likewise, the decentralized exchange activity (Dex) on Professor XRP book does not place it between the top 50 blocks, according to Devilia. By comparison, and Sui Blockchain She was treated at $ 13.3 billion in DEX folders for 30 days, while SEI dealt with $ 1.43 billion during the same period.
Although XRP derivatives currently reflect the neutral market conditions, merchants are likely to request clear evidence of the constant demand on Professor XRP note before the price creates a fixed budget momentum above $ 3.
This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
