XRP Continues to Attract High Interest on Major Exchanges

  • Interest in XRP remains high with a volume-to-open ratio high on major exchanges.
  • In the last 24 hours, XRP has added 2.23% to its token price.
  • Palau recently conducted a trial for its stablecoin, set to run on the XRP ledger.

With Ripple’s victory celebration still fresh, XRP continues to attract interest in the crypto market. According to digital assets market data provider Kaiko, the open interest ratio on XRP futures trade remains above average on major exchanges.

The volume-to-open interest ratio is used to measure trade activities on major exchanges. When the interest metric is high, it means there is an increase in buyers and sellers willing to trade the token, signaling speculative interest. For bystanders, a decent volume-to-open interest ratio could be a good sign to trade in such a token.

Similarly, data from CoinMarketCap show that XRP is in the positive region, adding 2.23% to its token price. At the time of press, the token is exchanging hands at $0.7174 per piece. This impressive performance adds to a run of sustained performance since the court decisions in the SEC-Ripple lawsuit.

However, despite holding a good run this July, it has shed some of its gains. Likewise, its market cap sits at $37 billion, making it the fourth-largest cryptocurrency network.

Elsewhere, XRP hit another milestone in the Pacific Island Group of Palau. The country did a trial run of a stablecoin linked to the U.S Dollar. In an agreement that goes as far back as 2021, XRP partnered with the country to launch the stablecoin. Thus, the stablecoin will run on XRP’s ledger, while Ripple continues to provide technical support to its development.

Even though the victory against the SEC still has the crypto market excited, the regulator has mentioned that it will appeal the decision. However, Ripple Labs’ legal chief says an appeal will only amplify Ripple’s victory. Similarly, Ripple’s CEO has stated that he is confident the court will also hold in his favor if the decision is appealed.

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