XRP holdings on Bitrue exchange increase by 300%

XRP holdings on Bitrue exchange increase by 300%

The Rising Interest in XRP and its Impact on the Blockchain Industry

Over the last week, the XRP token has dominated the headlines following Ripple’s partial court victory over the United States Securities and Exchange Commission (SEC). On July 13, Judge Analisa Torres of the US District Court of the Southern District of New York ruled that XRP doesn’t qualify as a security leading to a massive price surge in which the token gained almost 90%.

However, while it may appear that XRP’s positive effect on the market is waning, with most assets slipping into a bearish state, there is still a high level of interest surrounding this altcoin, proven by a recent report from prominent crypto exchange Bitrue.

Bitrue Users Accumulate $800M Worth Of XRP In Futures Market

In the late hours of yesterday, a crypto analyst with the Twitter handle @cowboycrypto313 revealed that Bitrue had shared a report via email with its users, noting a massive increase in the notional value of the open interest of the XRP token.

The notional value of open interest refers to the total value of outstanding contracts in a futures or optional market. In this context, it represents the total value of XRP on the Bitrue exchange based on what its traders have pledged to buy or sell in the future.

In this report, Bitrue states that XRP holdings in its Futures service spiked from less than $200 million to over $800 million during the weekend. Interestingly, the exchange further revealed that 88% of its users are holding a long position on this asset.

According to a chart shared by Bitrue, the notional value of open interest for XRP on its platform had been below $200 million for the majority of the last two weeks. However, following the court ruling on July 13, this index started rising, with the XRP Futures market recording a notable spike on July 16.

Bitrue XRP Open Interest Chart

(Source: Twitter)

XRP Soars By 57% In Seven Days

In other news, XRP remains the center of the crypto market attention, recording a 56.73% gain in the last week, according to data from CoinMarketCap. Currently, XRP, which now ranks as the fourth-biggest cryptocurrency, is tagged as the biggest weekly gainer.

Nevertheless, it is worth noting that this token has shown little to no price movement in the last few days, with its price hovering around the $0.74 region. As of this writing, XRP is trading at $0.742 with a 1.14% gain on the last day.

However, its daily trading volume has seen a sharp decline falling by 40.29% to its current value of $2.41 billion. Other major weekly gainers include Stellar (XLM) and Synthetix (SNX), with their market prices rising by 25.75% and 30.24%, respectively.

XRPUSD Chart

(Source: XRPUSD Chart On Tradingview.com)

The recent surge in XRP’s popularity and the significant increase in the notional value of open interest on the Bitrue exchange reflect the rising interest and confidence in the token following the court ruling. This indicates a growing belief among investors and traders that XRP holds significant potential in the blockchain industry.

The court ruling itself has brought much-needed clarity and regulatory certainty to the XRP market, alleviating concerns about its legal status. This newfound confidence has led to a surge in demand for XRP futures, as evidenced by Bitrue’s report.

The rise of XRP also highlights the broader impact of blockchain technology in the financial markets. With its decentralized and transparent nature, blockchain has the potential to revolutionize various industries, including finance, supply chain management, and healthcare.

The XRP token, powered by Ripple’s blockchain technology, has positioned itself as a key player in facilitating efficient cross-border transactions. Its fast transaction speed and low fees make it an attractive choice for businesses and individuals looking for a reliable and cost-effective solution.

As the blockchain industry continues to evolve, it is crucial to stay informed about the latest developments and trends. Whether it’s the rise of altcoins like XRP or the adoption of blockchain technology by mainstream financial institutions, understanding the intricacies of this revolutionary technology can provide valuable insights and opportunities for investors and enthusiasts alike.

In conclusion, the recent surge in XRP’s popularity and the increased interest in its futures market reflect the growing confidence in the token following the court ruling. This highlights the broader impact of blockchain technology in the financial industry and emphasizes the need to stay informed about the latest developments in the blockchain industry.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more