Traders remain interested in Ripple despite XRP price drop
Date: 2023-07-31 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The hype around Ripple's recent victory over the Securities and Exchange Commission (SEC) has come to naught, but crypto market participants are still interested in XRP.
According to Kaiko, an analytical platform that provides market data on digital assets, the open interest ratio for XRP futures on leading exchanges hints at the bullish mood of traders.
The Ripple community is optimistic
Kaiko reports that in many markets, the ratio of XRP volume to open interest is consistently higher than the median. This indicates high liquidity and sustained interest from traders and investors.
The Santiment platform notes that over the past 2 months, the popularity of Ripple in social networks has increased dramatically - the peak of 4% occurred at the end of May or the beginning of June.
At the time of writing, the figure has dropped to 2%. While this figure may seem insignificant, it is indicative of XRP's significant impact on the crypto community as a whole. The fact that the project maintains a strong social presence suggests that it has a large number of supporters and investors.
The 10% drawdown in the price of the asset over the past week also seemed insignificant to traders. According to Santiment, Ripple's funding rate (funding) was 0.1%. A positive value of the coefficient indicates a favorable mood of market participants.
