Insane XRP Futures Jump Triggered by Ripple Swell

Although XRP continued to sink deeper, investors saw a reason to maintain their optimism as the Ripple Swell ignited hope for positive change.

In the last hour, XRP futures activity has seen a surprising increase, with open interest increasing by 3.88%, according to data provided by Coinglass.

With a massive 1,550,000,000 XRP currently committed to active futures contracts, the hourly increase in XRP open interest marks a sharp turn from a bearish trajectory.

This is because the increase comes as the leading altcoin shows a massive 13% decline in the last 24 hours, raising curiosity about the sudden change in investor sentiment.

Interestingly, the sudden increase in XRP open interest coincides with the launch of Ripple’s long-anticipated Swell event, which started just an hour ago.

XRP community shows enthusiasm as Ripple Swell begins

Since the announcement of the Ripple Swell event, the XRP The community has been buzzing amid growing expectations that Ripple’s CEO, Brad Garlinghouse, and the rest of the executives will drop major announcements that could fuel a significant boost in XRP’s price.

The positive enthusiasm surrounding the event is evident in the sudden change in investor sentiment witnessed in the XRP derivatives market at the time the event began.

Thus, the timing of the hourly spike raised many eyebrows, as Ripple Swell, known for its focus on regulatory discussions, Ripple’s future developments, and more, has historically ignited large price movements for XRP.

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While the increase came despite the broader bearish sentiment in the last 24 hours, where XRP fell by more than 13%, it seems that traders are increasingly looking to capitalize on the potential market dynamics that could be triggered by the bullish sentiments sparked by the event.

With Ripple Swell now fully live, all eyes are on XRP as traders eagerly await the asset’s next price move. As such, traders are increasingly engaged in their participation as they actively enter new positions in the XRP derivatives market, following expectations of a major announcement during the Swell event that could trigger the next XRP price rally.