Crypto analysis platform CryptoQuant has noted a further increase in activity in the $XRP futures market.
According to data shared by the company, the amount of open interest for $XRP on Binance amounted to around $488.3 million, reaching one of the highest levels in the last two months.
According to data from CryptoQuant, open interest in $XRP The futures market showed a steady rise throughout the month of May. The indicator approached $500 million in mid-May, recording its highest level since March. Although there was a limited decline thereafter, the amount of open interest remained high compared to previous periods.
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According to the analysis, the increase in open positions could indicate increased use of leverage and risk appetite among investors. It was noted that activity on derivatives markets has increased, particularly in recent weeks, with the reintroduction of liquidity into the cryptocurrency market.
CryptoQuant also added that prolonged high levels of open interest could increase the risk of potential volatility in the market. The company said open interest data alone does not signal a rise or fall, but sharp price movements can occur if leveraged trades pile up.
*This does not constitute investment advice.