XRP continues to gain momentum in all aspects of the cryptocurrency markets.
The futures market is buzzing over the skyrocketing open interest on XRP-tracked futures, which rose above the $1.1 billion mark in the past day.
This leap represents a new high for 2023, surpassing last week's notable $1 billion level.
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XRP tokens experienced a surge, displaying an uptick of approximately 6% for two consecutive days, even while major cryptocurrencies showed marginal movements.
The tokens reached the 80-cent mark, equalling the highs seen in the last week, before experiencing a slight decline. At the time of writing, XRP retails for $0.7969.
With a 21% rise since July 18th, the open interest, or unsettled futures contracts, saw a significant increase.
It's worth noting that growing open interest implies a surge in bets on any assets, signaling an inflow of fresh capital into a financial market.
Investors have parked a lion's share of these positions, amounting to $462 million, on the prominent crypto exchange Binance. Following closely is Bitget, with an investment of $309 million in XRP futures.
This piqued interest in XRP tokens roots in last week's legal verdict from the US court. The court decreed that the sale of XRP on crypto exchanges did not categorize it as a security. Following the court's ruling, XRP's price shot up by a jaw-dropping 96%, with trade volumes surging to billions of dollars.
Meanwhile, Bitcoin and Ether clawed their way back above the support levels of $30,000 and $1,900, respectively.
2023 has seen a promising start for XRP futures, setting a high benchmark with record open interest. The recent court ruling in the US favoring XRP further bolsters this optimistic outlook.
