XRP Fights to Hold $1.30 as Futures Open Interest Plummets
XRP has struggled to regain its footing after falling to $1.30 as buyers attempted to defend a cluster of short-term moving-average supports.
The token's price has been weighed down by the failed CLARITY Act vote and the Federal Reserve's rate increase, which can reduce liquidity and weaken demand for risk assets, including cryptocurrencies.
Ripple maintains that XRP already has a meaningful legal advantage following its lengthy court battle with the Securities and Exchange Commission, giving the company and token firmer legal footing even without a comprehensive U.S. digital-asset framework.
The decline in derivatives activity has also weakened alongside XRP's fading price recovery, with futures open interest falling to 2.12 billion XRP on Friday from 2.25 billion the day earlier.