XRP futures contract open interest once approached $2 billion, hitting a record high

Odaily News According to CoinGecko data, XRP broke through $1.2 last Saturday, hitting a new high in more than three years. It has risen by more than 80% this week and is now trading at $1.06. According to CoinGlass data, the open interest of XRP futures contracts was close to $2 billion, a record high. Nick Forster, founder of the on-chain options DeFi protocol Derive, said: "The recent surge in open interest in XRP futures contracts to record levels indicates an increase in trader interest, which is usually an indicator of a bullish market. Coupled with the continued high positive funding rate, this suggests that new market participants may be taking advantage of the 'basis trading opportunity for XRP'." (Decrypt)