XRP saw a double-digit drop in its futures open interest, but is it a sign that the altcoin’s triple-digit rally is ending?
XRP (XRP ) experienced a sharp 25.7% correction over the seven days ending on Feb. 6. However, the $2.30 support level saw strong buying interest whenever it was tested. The 8% daily gain on Feb. 7, which brought XRP to $2.50, has not been widely celebrated, as professional traders have significantly reduced their leveraged positions.
The total XRP futures open interest, which reflects the overall demand for these contracts, has fallen by 37% since reaching its peak on Jan. 15.
XRP futures aggregate open interest, XRP. Source: CoinGlass
Read more,# XRP Market Movements: Cracking or Just Cracked?
## Key Points from the XRP Drop:
– **XRP’s Recent Slide:** XRP has faced a significant 25.7% drop over the past week.
– **Resilient Support Level:** Despite the plunge, the $2.30 support level has shown strength, with solid buying interest observed.
– **Recovery Attempt:** XRP managed a recovery with an 8% increase on February 7, bringing the price to $2.50.
– **Futures Open Interest:** The total open interest in XRP futures has decreased by 37% since Jan 15, signifying a reduction in leveraged positions among professional traders.
## Closing with a Hot Take:
XRP gave its holders a rollercoaster week, showing us all what a crypto stomachache feels like with its 25.7% tumble. But hang on, it bounced back a bit, defending the $2.30 zone like a knight defending its castle! Despite the recovery, the confetti hasn’t been flying in the traders’ rooms, who seemed to have taken a bit of a backseat, slashing their leveraged positions poring over this crypto soap opera. Is the rally folding like cheap lawn chairs, or is this just everyone taking a breather? Only time will tell!
## Sum It up:
The world of XRP is never boring, echoing the life at a Las Vegas casino: high stakes, big drops, and sudden comebacks. Will XRP be your lucky jackpot or your poker face practice? Stay tuned!
Hashtags: #Cryptocurrency #XRP #MarketDynamics #CryptoRally #InvestmentWatch
