• XRP’s open interest has experienced a dramatic 60% decline since July, when it was valued at $1.19 billion.
• This decrease in OI is linked to the ongoing bearish sentiment in the crypto market, as well as the SEC’s decision to appeal a court ruling in favor of Ripple Labs.
• Most of XRP’s open interest contracts are placed on Binance and Bybit, with cumulative values of $128.85 million and $93.23 million respectively.
XRP Open Interest Plummeting
The ongoing bearish sentiment in the crypto market has led to a 60% decline in XRP’s open interest (OI) since its peak in July when it was valued at $1.19 billion. Unexpectedly, this drop was noted right after the XRP’s gains following Ripple Labs’ court victory against the SEC in July. The downturn is not the only factor pulling the rug for XRP, the SEC’s decision to appeal the ruling has fueled selling activity, and there are concerns that XRP’s price could fall below the crucial level of $0.52.
Traders Losing Interest
Due to less interest from traders, XRP’s open interest (OI) has experienced a significant decline of $725 million compared to last month’s peak of $1