The post What Does it Mean for Ripple’s Price? appeared on BitcoinEthereumNews.com.

The open interest for the world’s sixth-largest cryptocurrency has skyrocketed to an all-time high of roughly $1.8 billion, according to CryptoQuant’s data. This comes after the recent developments around the company behind the token, as well as the growing hopes for a change in the US regulatory environment. XRP OI at New Peaks The report from CryptoQuant’s analyst, maartunn, outlined the substantial increase for both XRP’s price as of late as well as the open interest. XRP Price vs OI. Source: CryptoQuant The graph above demonstrates that both metrics move in tandem since the US elections three weeks ago. At the time, XRP struggled below $0.6 while the OI was at around $500 million. In the following weeks, Ripple’s token exploded by double and even triple-digits at times and skyrocketed to over $1.6 for the first time in over three years on the hype that SEC Chair Gary Gensler will vacate his post in January 2025. The open interest followed a similar trajectory, jumping to $1.8 billion during the weekend, which became its highest level ever. Aside from Gensler’s announcement, which “has sparked optimism for a more favorable regulatory environment for crypto, including XRP,” maartunn outlined two other reasons behind the growing OI. “2) Political Shifts: Donald Trump’s recent election victory has brought bullish sentiment, with expectations of more crypto-friendly regulations driving interest in the market. 3) XRP ETF Speculation: Asset managers have filed applications for an XRP ETF. Gensler’s planned exit raises hopes for approval, attracting institutional investors to XRP.” Trump carried out a pro-crypto campaign during the election cycle, which many believe helped him secure the landslide victory. He has made numerous promises regarding the industry and that his administration will support it and help it thrive, which has helped fuel the recent bull rally. On the other…

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Filed under: News - @ November 25, 2024 3:26 pm