XRP price jumps 17%, Open Interest breaches $4 billion

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Ripple’s native crypto, XRP, decoupled from the heavy selling pressure emerging in the market due to the failure of Bitcoin to regain $100K. XRP turned out to be one of the biggest gainers of the day, while other major cryptos printed red indexes or gained marginally. Fueling future Open Interest suggests a major move is yet to come.

This happened when the US Securities and Exchange Commission (SEC) accepted the fillings from Grayscale to list spot XRP exchange-traded funds (ETFs). However, the crypto asset manager also got acknowledgment over its Dogecoin ETF filing, leading DOGE price to jump by 5%.

ETF buzz sends XRP to $2.7

As per the data shared by Coinglass, XRP Futures Open Interest surged by more than 16% in the last 24 hours to hit the $4.18 billion mark. Its derivatives volume spiked by almost 80% to knock the $11.85 billion. An ETF filing update has brought the traders back into the speculation games, anticipating how high the XRP price can go now.

Source: Coinglass

XRP price jumped by over 17% in the last 24 hours which depicts the enthusiasm among the investors. This surge has helped Ripple’s native crypto wipe out the recent losses. XRP price is up by 12% in the past 7 days while Bitcoin price dropped by 2% in the same period. XRP is trading at an average price of $2.69 at the press time. Its 24-hour trading volume is up by 48% to stand at $8.09 billion.

Coinglass data shows that more than $14.7 million worth of long and short bets set on XRP price action got liquidated in the past 24 hours. Around $10 million worth of liquidated positions (66%) turned out to be short bets. This suggests that the traders were expecting Ripple’s native crypto decline to continue, meanwhile, the ETF update has reversed the anticipation.

Ripple CEO hints at policy shift in DC

XRP’s move to hit a 2-week high of $2.75 has given major bullish hopes to its holders. On the other hand, Ripple has been caught moving 300 million XRP (approx worth $822 million) to an unknown address “rP4X2”. The transaction wasn’t part of its monthly token release.

Amid this move, Ripple CEO Brad Garlinghouse hints at major progress for US crypto regulation. It seems to be that he had an action-packed day in Washington DC, meeting with US lawmakers. He believes there’s now a huge opportunity for bipartisan legislation that will establish clear, pro-innovation rules for digital assets.

Over the SEC acknowledging the XRP 19b-4 filings, Garlinghouse stated, “I recall pointing out – more than once – that this was inevitable.

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