According to recent reports, XRP slid about 15% after peaking at $3.66 on July 18, wiping out roughly $2.4 billion in open futures positions. That sharp drop has traders debating whether to hunker down or scoop up XRP near the $2.60 mark.
Rally Driven By Big Bets
XRP’s surge from $2.17 on July 1 to $3.66 by July 18 was powered by a surge in open interest that peaked at $11.2 billion in dollar terms. That means a lot of traders had large positions riding the upswing.
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Since then, open interest has fallen to $8.8 billion, a 20% drop in US dollar value. In XRP units, contracts fell 10% to 2.80 billion. Liquidations of roughly $325 million over the two weeks ending July 25 show some of those big
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