XRP Futures Open Increases as Traders Bet on a Price Rebound After $1

Ripple’s native token XRP plunged below the $1 level, hitting a day’s low of $0.98 on Monday. The leading altcoin is now hovering around the $1 mark after crashing by nearly 68% in a year. However, the ongoing fall does not seem to deter investors, as Futures open interest has reached $2.78 billion.

Also Read: Why Buying XRP At $1 Is The Perfect Entry: Big Gains Ahead

XRP: Futures Open Interest Rises To $2.78 Billion on Binance and OKX

Traders on Binance and OKX are leaning long on XRP, with Futures open interest and trading volume jumping 55%, according to the latest report from CoinGlass. Investors taking short positions on XRP have been outnumbered by those going long on the token. For every account going short on the cryptocurrency, three accounts are going long.

The ratio between the short and long positions has widened to a 3:1 ratio this week on Binance. For the OKX exchange, the positions were more or less equal to Binance, with a 3.6:1 split. Therefore, the majority of investors are betting that XRP’s price will rise, and not fall further. Several commentators have projected that the altcoin could bottom out in value soon.

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