XRP Surges to Fourth-Largest Cryptocurrency by Market Cap
- XRP’s price increased to $1.53, marking an 11% rise over the week.
- The market cap of XRP reached $93.4 billion, surpassing BNB.
- Trading volume for XRP surged by 125% to $3.22 billion.
- Open interest on Binance climbed to 353.49 million XRP as of March 17.
- This represents a significant increase of nearly 59% from October’s open interest of approximately 222.79 million XRP.
The increase in open interest indicates that traders are building new leveraged positions rather than unwinding existing ones, contrasting with previous months’ trends of deleveraging.
As XRP approaches pre-crash leverage levels while trading at a price significantly lower than before, the market shows potential for further movement in this recovery phase.(Source)
