Traders’ Interest In XRP Remains Solid Despite Price Retreat, Data Shows

Christian Encila

1 year ago

3 mins read

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The enduring allure of XRP, despite market volatility, may be evidence of its continued relevance, as it has continued to attract the interest of traders and investors equally.

Even as the dust settles after Ripple’s recent victory jubilation, the cryptocurrency market remains keen on XRP. Kaiko, a provider of market data on digital assets, reports that the open interest ratio on XRP futures trades on prominent exchanges remains quite impressive.

Recently, the crypto market has experienced a pervasive price reversal. Despite the pullbacks, traders’ interest in the Ripple cryptocurrency remained remarkably high, according to Kaiko.

At the time of writing, XRP was in the red in all timeframes, trading at $$0.712, down a measly 0.02% in the last 24 hours, and a considerable 8.4% in the last seven days, data from crypto market tracker Coingecko shows. Given these numbers, XRP is still able to shine in another key department.

XRP in crimson in all timeframes during the weekend. Source: Coingecko

XRP Community Remains Upbeat About The Crypto

Kaiko shows that across numerous markets, XRP’s volume-to-open interest ratio is consistently higher than the median value. This reliability suggests that the XRP coin is actively traded in a healthy market. This percentage is significantly greater than the market average, indicating strong liquidity and sustained interest from traders and investors.

On prominent exchanges, the volume-to-open-interest ratio is also used to measure trading activity. When the interest metric is high, it indicates that more purchasers and sellers are willing to trade the token, which indicates speculative interest. A favorable volume-to-open interest ratio could be a signal for market participants to trade in such a token.

Ripple’s popularity on social media, as assessed by Santiment, has increased dramatically over the previous two months, reflecting the excitement surrounding the cryptocurrency. Its social dominance increased dramatically in late May and early June, peaking at over 4%.

Source: Santiment

Ripple had just roughly 2% of the social market share at the time this story was published. Despite the fact that this number may appear tiny, it demonstrates that the cryptocurrency has a significant presence and impact in the crypto community as a whole.

Despite the fact that Ripple appears to be a minor topic of discussion, it has managed to stand out as a formidable contender, attracting the attention of enthusiasts and experts alike and causing them to discuss it.

XRP market cap currently at $37 billion. Chart: TradingView.com

In the ever-evolving world of cryptocurrencies, where numerous digital assets vie for attention and recognition, Ripple carved out a useful niche for itself, influencing discussions about blockchain technology and financial innovation.

Strong Social Footprint

Even though Ripple must contend with other well-known cryptocurrencies, the fact that it has maintained a strong social presence indicates that it has a large number of supporters and investors.

Meanwhile, the loss of nearly 10% of XRP’s value over the past week appeared insignificant to some speculators. Based on figures from Santiment, the funding rate for cryptocurrencies was 0.1%. A positive reading of the funding rate indicated favorable sentiment on average.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Times Tabloid

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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