PANews reported on November 18 that according to CoinDesk, due to regulatory clarification and technological updates, the XRP futures market activity hit a new high, and the open interest (OI) broke the record on Saturday, reaching over $2 billion. At the same time, the price of XRP rose to above $1.20 in recent days, hitting a three-year high and driving a weekly increase of more than 87%.
Market data shows that the current long-short ratio is slightly biased towards the short side, with 51% of traders betting on a price correction. However, the simultaneous rise in OI and price usually indicates the entry of new funds, showing that the market trend is bullish. The surge in XRP's price began on Thursday evening after 18 US states filed a lawsuit against the SEC, accusing it of overstepping its regulatory authority in the crypto industry. In addition, the market is optimistic that former US President Trump may promote policies that are more friendly to cryptocurrencies, especially tokens related to US companies such as XRP and UNI.
It is worth noting that Ripple Labs plans to launch the RLUSD stablecoin for cross-border payments and liquidity provision, further promoting the application of XRP in the field of decentralized finance (DeFi), which may provide support for its future price performance.
