XRP's Derivatives Market Sees Significant Surge in Activity

XRP's derivatives market has seen a significant surge in activity, with over 1.6 billion XRP being committed to active contracts. This bullish signal comes as the broad crypto market appears to be moving towards a potential rebound.

The data shows that XRP's open interest has increased by 2.56% over the last 24 hours, indicating heightened confidence among investors. As a result, XRP's price has briefly increased by 2.45% over the last 24 hours, reclaiming its weekly high around $1.45.

However, it is uncertain if XRP will see a major price recovery soon and reclaim levels seen earlier in the year. The weak performance of XRP ETFs over the past week suggests that institutional investors are unwilling to participate amid market volatility.