XRP Open Interest Rebounds to Pre-CLARITY Act Levels on Binance
XRP's open interest on Binance has recovered to levels seen before the Senate sank the CLARITY Act, which was aimed at curtailing the cryptocurrency industry. This is a significant development as it indicates that traders are still willing to take on leverage in XRP futures contracts despite the asset being about 65% below its all-time high.
According to data from Binance, XRP open interest climbed from a low of 285.2 million XRP on September 17 to 307.7 million just a day later, exceeding pre-vote levels by a small margin. This rebound is a positive sign for the cryptocurrency market as it suggests that traders are becoming increasingly comfortable with taking on risk.
One analyst has pointed out that about 52% of Binance XRP futures accounts are long, indicating that traders are still bullish on the asset's prospects. The support level at $1.28 is also a crucial one to watch, as some analysts believe it must be held at all costs to prevent further price declines.
Meanwhile, Franklin's XRPZ exchange-traded fund (ETF) saw inflows of $3.5 million on September 16, while bitcoin and ether ETFs experienced outflows of $520 million after the Federal Reserve raised interest rates by a quarter point. This has led to some stabilization in the market, with XRP gaining around 3% over the past 24 hours.