- Ripple’s XRP sees significant on-chain activity with $667.06 million in open interest, reflecting strong market engagement.
- XRP’s net outflow from Binance suggests a long-term holding strategy as investors withdraw assets from the exchange.
Recently, the XRP price has risen somewhat, now trading at roughly $0.6031, representing a 0.83% increase over the last 24 hours. With a market cap of $33.88 billion, XRP maintains a strong position in the crypto market.
Looking deeper into the token on-chain stats, Ripple’s coin now has an open interest (OI) of $667.06 million. This statistic shows a large number of open positions in the futures market, indicating strong interest and trading activity in XRP.
The large OI indicates that traders are actively engaged with the asset, maybe anticipating future price moves.
XRP Outflows Suggest Long-Term Holding Strategy
Furthermore, the heatmap of net inflow for the XRP/USDT pair on the Binance exchange shows an unusual trend. Over the last 24 hours, the net inflow was -$10.72 million (became the net outflow). This negative statistic means that more XRP has been moved from Binance than deposited.
Such a pattern frequently indicates a strategic move by hodlers, implying a preference for long-term storage over short-term trade. The withdrawal of assets from exchanges is sometimes interpreted as a bullish signal, implying that investors believe in the asset’s long-term prospects and are less likely to sell in the immediate future.
Beside that, a recent CNF report highlights an intriguing feature of XRP’s market dynamics. Despite its recent price spike, there has been no whale activity, with Whale to Exchange Transactions recorded as zero.
The lack of substantial transactions by whales could be seen as a sign of strong holder confidence, implying that these major players are not rushing to sell their holdings despite the price increase. It shows a sense of security and confidence in the asset’s potential for future growth.
On the other hand, a BingX advisor’s caution should not be ignored. As we previously noted, he advocates waiting for a proven breakout in the XRP price before considering any upward movement.
The court victory for Ripple, which reaffirmed that XRP is not a security, has undoubtedly increased confidence in the asset. However, investors continue to be concerned about the possibility of an SEC appeal.
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