top of page
Search
  • Writer's pictureSarah Dixon

Traders still interested in XRP despite price drop, data shows.


Traders still interested in XRP despite price drop, data shows.
Traders still interested in XRP despite price drop, data shows.

Despite recent market volatility, XRP continues to attract the attention of traders and investors, which may be a sign of its continued relevance. According to market data provider Kaiko, the open interest ratio on XRP futures trades on major exchanges remains impressive. Despite the recent price reversal in the crypto market, interest in Ripple's cryptocurrency remains high. At the time of writing, XRP is trading at $0.712, down just 0.02% in the last 24 hours and 8.4% in the last seven days, according to crypto market tracker Coingecko. Despite these numbers, XRP continues to excel in other key areas.


🌎《Now you can now start trading at TNNS PROX》📈



🔥Start trading today, click "sign up" from the link above.


XRP in crimson in all timeframes during the weekend. Source: Coingecko
XRP in crimson in all timeframes during the weekend. Source: Coingecko

Traders still interested in XRP despite price drop, data shows. XRP Community Remains Upbeat About The Crypto

According to Kaiko, XRP's volume-to-open interest ratio consistently exceeds the median value across multiple markets. This suggests that XRP is actively traded within a healthy market. The ratio is significantly higher than the market average, indicating strong liquidity and sustained interest from traders and investors.


The volume-to-open interest ratio is also used to measure trading activity on prominent exchanges. A high interest metric indicates that more buyers and sellers are willing to trade the token, indicating speculative interest. A favorable volume-to-open interest ratio could be a signal for market participants to trade in such a token.


Santiment's assessment of Ripple's popularity on social media indicates a significant increase over the past two months, reflecting the excitement surrounding the cryptocurrency. Its social dominance increased dramatically in late May and early June, peaking at over 4%. Traders still interested in XRP despite price drop, data shows.



Source: Santiment
Source: Santiment

At the time this story was published, Ripple held only a modest 2% share of the social market. However, this figure belies the cryptocurrency's significant presence and impact in the wider crypto community. Despite being a relatively minor topic of discussion, Ripple has managed to distinguish itself as a formidable contender, attracting the attention of both enthusiasts and experts alike.

XRP market cap currently at $37 billion. Chart: TradingView.com
XRP market cap currently at $37 billion. Chart: TradingView.com

In the ever-evolving world of cryptocurrencies, where numerous digital assets vie for attention and recognition, Ripple carved out a useful niche for itself, influencing discussions about blockchain technology and financial innovation.


Strong Social Footprint

Ripple competes with other established cryptocurrencies, but its significant social media presence suggests a considerable number of supporters and investors. Despite XRP's value decreasing by nearly 10% in the past week, some speculators did not find it concerning. According to Santiment's data, the funding rate for cryptocurrencies was 0.1%, indicating an average favorable sentiment.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Comments


bottom of page