XRP Funding Rates Soar Over 200% Amid Rising OI
XRP's Funding Rates have seen a significant surge of over 200% in the past 24 hours, according to data from CryptoQuant. This increase in funding rates comes as XRP's Open Interest (OI) has risen by more than 7.6% during the same period, reaching approximately $883.8 million.
The spike in funding rates indicates that traders are becoming increasingly bullish on XRP, as they are willing to pay a fee to short traders to maintain their long bets. This development is significant, given XRP's price has been trading below its psychological support level of $1 since August 11.
XRP's price has dropped by over 8% in the past 30 days and is currently trading at around $1.01. However, with a bullish derivatives market and renewed demand in its spot market, a potential reversal may be triggered. Nevertheless, if XRP's price continues to fall, a long squeeze could occur.