XRP’s price has declined by 11.27% over the past week. However, the Open Interest metric hints that the short-term flour price level has been reached.
XRP is trading at $1.70, down 2.75% over the past 24 hours, according to data from CoinMarketCap.
Source: CoinMarketCap
Its market cap has declined to $103.48 billion, reflecting the same 2.75% drop, while 24-hour trading volume increased 20.67% to $4.06 billion, suggesting heightened trading activity amid the price pullback.
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Total XRP Open Interest stands at $1.2 billion, up 2.98% over the past 24 hours. Perpetual contracts account for nearly all of this activity, with $1.2 billion in open interest, up 2.99%.
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Generally, Open Interest signals traders' anticipation regarding price direction. An uptick in open interest indicates that investors are hopeful of a possible rebound.
If Open Interest is increasing while the price is either flat or slightly declining, this typically indicates the opening of new positions as opposed to the closing of existing ones. This frequently comes before the expansion of volatility.
Meanwhile, futures open interest remains small at $1.9 million, down 2.63%, indicating limited participation in dated futures compared with perpetual markets.
XRP ETF suffers outflows as XRP price plunges
On Friday, XRP ETF has recorded the largest outflow in the last 24 hours as investors dump the asset amid market volatility.
SoSoValue data indicates that investors have pulled about $92.9 million of the XRP ETF market within this time frame, as more traders sold than bought the asset. It marks the highest amount of money leaving within a 24-hour time frame for the XRP ETF.
XRP long-term holders will have their eyes on the XRP ETF market for a possible inflow to kick start February. A return of institutional interest might be key to price reversal in the coming days.
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