- Binance recorded a 167.56% surge in XRP spot volume within one hour, reaching $130.35M.
- Open interest for XRP rebounded to $3.73 billion, signaling increased trader confidence.
- These combined indicators often precede a price run, pointing to a potentially bullish XRP setup.
The activity on exchanges with XRP is ramping up, especially on Binance exchange. In the 1 hr. time frame, Binance seemed to have the largest trading volume rise at 167.56%, taking trading volume to $ 130.35 Million. This exponential increase is in tandem with this increasing open interest which now stands at $3, 730, 000.
Binance Dominates XRP Spot Trading as Open Interest Signals Bullish Sentiment
From the volume heatmap in the spot trading of the XRP price, one can see that Binance takes the biggest share in the activity. In the past one hour, Binance was leading the position in the XRP/USDT pair with trading volume way ahead of rivals such as Coinbase and Bybit.
Here again, Binance led with the highest trade volume of $130,.35, followed by Coinbase $ 64.92 and Bybit $34.32. This stock exchange activity distribution is handy to predict future trends, especially as liquidity tends to increase when investors’ attention is focused.
The final significant aspect for XRP’s likely price increase is the recovery of open interest to $3.73 billion. Open interest is the total value of outstanding futures contracts and usually rising open interest signifies that traders are getting increasingly optimistic.
Price Movement and Market Outlook
Closely tied to this factor is XRP’s developing upward price trend over the same period of time. Currently priced at $2.62, XRP rose by 6.5% within a day, and the XRP BTC pair, by 7.1%. Such increases are typical for the market with stronger upward trends of trading volume and on-chain specifications, which all support a positive outlook on the XRP token.
Binance’s growth of trading volume and rising open interest demonstrate the strengthening of XRP’s market position. When the next large trend emerges, consumers and investors will follow XRP and its latest signals for bullish pricing closely.
