XRP News: $4.3 Billion Open Interest Rebound Signals Potential for Continued Momentum

XRP has recently experienced a significant rebound in open interest, reaching $4.3 billion, alongside a notable price increase. This suggests potential for continued momentum and marks a departure from the decline observed in February. More investors are betting on XRP's expansion, indicating a positive outlook for the cryptocurrency.

XRP Sees $4.3 Billion Open Interest Rebound

XRP has recently attracted significant attention due to a substantial increase in its open interest, which has reached $4.3 billion. This surge has occurred alongside a notable price increase, with XRP hitting a one-week high of over $2.50. The rebound suggests potential for continued momentum, marking a departure from the decline observed in February. The rise in open interest indicates that more investors are betting on XRP's ongoing expansion.

Bloomberg Analysts Comment on XRP ETF Approval Odds and Potential Price Impact

Bloomberg analysts have given a 65% chance of approval for a spot XRP ETF, citing Ripple’s long-running legal battles against the SEC. They predict that an XRP ETF could potentially raise the price of XRP to between $3 and $10, but also warn of possible big price swings after approval. The formal acknowledgment of the so-called 19b-4 filings by the SEC indicates the regulator's willingness to consider ETFs tracking XRP, but success is not guaranteed.

XRP Prepares for More Gains, Boosting Potential of the XRP Ledger

Recent data indicates that while XRP's short-term rally may have reached a temporary peak due to factors like limited new bank partnerships and partial regulatory clarity, its weekly trading volume remains robust at over $700 million. The launch of Doppler Finance, the first DeFi protocol on the XRP Ledger, marks a significant milestone for the network. Industry expert Raoul Pal, CEO of Real Vision, is optimistic about XRP's future, citing the development of new use cases for the ledger as a catalyst for price appreciation. As more DeFi applications are built on the network, he anticipates an increase in its overall value.

Ripple’s RLUSD Hits A ‘Huge Milestone’ As XRP Ledger Overtakes Ethereum

Ripple’s regulated stablecoin, Ripple USD (RLUSD), has achieved a significant milestone, with its total supply reaching $120 million. According to community analyst Maartunn from CryptoQuant, this growth is particularly notable on the XRP Ledger (XRPL), where RLUSD holds around 37.4 million, surpassing Ethereum, where the supply remains below 83.3 million RLUSD. Maartunn attributes this momentum to XRPL’s significantly lower transaction fees compared to Ethereum. Initially, after its launch, RLUSD expansion was more pronounced on Ethereum, but this trend has shifted in favor of XRPL.