In the past 24 hours, the total value of XRP futures contracts has surpassed $1.1 billion, marking a new record high for the year and surpassing the previous milestone of $1 billion reached last week.
While other major cryptocurrencies have shown minimal price movement, XRP tokens have experienced gains for the second consecutive day, rising by up to 6%. Data indicates that the tokens reached a peak of 80 cents, matching the highs observed last week, before experiencing a slight decline.
According to Coinglass, The open interest, which represents the number of futures contracts yet to be settled, has increased by 21% since Tuesday. This surge in open interest suggests a higher number of bets being placed on XRP tokens, indicating an influx o fresh capital into the financial market. Typically, this indicated an expectation for the current trend to continue.
Out of the total open interest, a significant portion of $454.5 million is held on the cryptocurrency exchange Binance, followed by Bitget with $262 million.
The recent surge in interest in XRP tokens can be attributed to a U.S. court ruling from the previous week, Which determined that the sale of XRP on the exchange does not qualify as an investment contract. This court decision resulted in a substantial increase of up to 100% in the value of XRP, accompanied by a surge in trading volumes, reaching billion of dollars immediately after.
