Open interest in XRP futures surged 40% in the past 24hrs

• Open interest in the XRP futures surged by 40 percent in the past 24 hours.
• This comes amid the current rally in the crypto’s price. 

Ripple (XRP) is now bringing back smiles to the faces of investors and traders that continue to hodl despite its low price. The current bullish tide in the digital currency market has been dragging the cryptocurrency along, raising the XRP price to above $0.6. Interestingly, Ripple has reclaimed the position as the third-largest digital currency by market capitalization, according to the information provided by Coinmarketcap.

Aside from the growing price, the digital currency has been posting huge trading volumes, and the open interest in XRP futures looks greenish as well.

XRP futures are booming

According to the data by ByBt, open interest (OI) in XRP futures surged by over 40 percent in the past 24 hours. On that move, the total open interest for the cryptocurrency is now worth $490.3 million at the time of writing. The leading crypto exchange, Binance, dominates the open interest in the XRP futures market by 28.8 percent. Binance accounts for $141.25 million of the entire OI in Ripple futures, followed by FTX exchange, which holds $129.86 million.

The remaining XRP futures OI is dominated by Bybit, Huobi, OKEx, BitMEX, Kraken, and Gate, according to ByBt. The market growth can be attributed to the price upticks posted by the now-third-largest digital currency. On Coinmarketcap, Ripple is trading at the price of $0.6272, which is a little away from the recent yearly high above $0.7. The cryptocurrency has a market capitalization of $28.4 billion to be ranked among the top largest coins.

XRP/USDT trading volume spikes

Today, Joseph Young observed that the daily volume for XRP against the US dollar-backed stablecoin, Tether USDT, surpassed Ether’s (ETH). Ripple volume accounted for $1.586 billion, while there was only $1.231 billion for ETH.

XRP flipped ETH daily volume against USDT today on Binance.

$1.586 billion for XRP, $1.231 billion for ETH. This is crazy.

Binance also hit ATH volume today.

— Joseph Young (@iamjosephyoung) November 24, 2020