XRP Futures Set Open Interest Record High for 2023

Open interest on XRP-tracked futures climbed above $1.1 billion in the past 24 hours, topping the $1 billion level touched last week and setting a record high for the year.

XRP tokens surged as much as 6% for a second straight day of gains even as major cryptocurrencies remained little changed, data shows. The tokens touched 80 cents, matching last week’s highs, before pulling back.

Open interest, or the number of unsettled futures contracts, has risen 21% since Tuesday. Higher open interest is a sign of increased bets on any asset, such as tokens or stocks, as it suggests an inflow of new money into a financial market – usually meaning a current trend is expected to continue.

The majority of these positions, $443 million worth, are held on the crypto exchange Binance, followed by Bitget at $250 million.

The recent interest in XRP tokens comes after last week's U.S. court ruling that the sale of XRP on exchanges did not constitute investment contracts. XRP rose as much as 96% following the court order, with trading volumes jumping to billions of dollars in the immediate aftermath.

Bitcoin and ether recovered to above support levels at $30,000 and $1,900, respectively in Asian afternoon hours on Wednesday after traders likely took profits on recent runs on Tuesday, causing a brief slide at the time.