XRP Price Rises as Open Interest Drops by Over $250M

XRP's price has been on an upward trend, reaching $1.3059 today and increasing by 1.55% in the last 24 hours.

This follows a recent selloff tied to regulatory doubts and the Federal Reserve's interest rate hike.

Despite the drop in open interest from $2.76B to $871.22M, which is more than $250 million in under a month, traders on Binance and OKX are leaning long with a ratio of 2.5311 and 3.08 respectively.

CryptoQuant data shows that the price has held up better than open interest since its peak near $1.5 around August 17 to 20.