XRP records solid investor interest despite price declines – data

2023-7-30 12:00

The remittance token XRP continues to witness investor and trader attention (despite ongoing market volatility) since its recent legal triumph (read more). Ripple’s project remains solid due to its relevance in blockchain technology and financial innovation.

Cryptocurrency players have paid attention to XRP since Ripple’s latest win against the US SEC. Kaiko tweeted that XRP perpetual futures signal stable speculative interest with a volume-to-open interest ratio beyond average on most crypto exchanges, including Binance, OKX, Deribit, and Bybit.

Source – Kaiko

The crypto market has experienced price reversals recently, with Bitcoin hovering below the crucial $30,000. However, Kaiko shows XRP has experienced impressive investor interest.

XRP changed hands at $0.7119 at press time, losing 0.24% over the past day. Also, it painted its weekly chart red, with an 8.03% dip.

XRP’s solid investor interest

Kaiko data indicates that the community is trading XRP in a healthy atmosphere. Volume-to-open interest ratio remains above the median value. The significant margin shows remarkable trader and investor interest and solid liquidity.

Exchanges can also use this metric to gauge trading activity. A high-interest index confirms more buyers and sellers ready to trade, translating to speculative interest. Meanwhile, a satisfactory volume-to-open interest ratio might signal traders to execute their positions (trade).

Ripple’s lucrative social presence

Ripple exhibits an attractive social presence, confirming massive investors and supporters. The community has followed the altcoin since its latest legal victory, with many awaiting prices to skyrocket.

Musk effect on XRP?

Dogecoin lover Elon Musk has introduced a new logo for X, formerly Twitter. Ripple enthusiasts reacted to the update, excited about the resemblance between XRP and X logos.

#XRP 👀 pic.twitter.com/A8CKKi4Utx

— XRPcryptowolf (@XRPcryptowolf) July 29, 2023

As seen here, X plans to integrate digital payments on the site. The platform introduced ad revenue sharing for global creators to monetize their activities when using the social media platform. The community awaits the social media network to introduce crypto.

The post XRP records solid investor interest despite price declines – data appeared first on Invezz.

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