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XRP Price Analysis: Open Interest Drops 3x Faster Than Price
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
XRP has pulled back roughly 5%, falling from a local high of $1.66 to around $1.57, according to analyst Cryptoinsightuk. But open interest has dropped far more sharply, down about 10% in coin terms and 15% in dollar terms, a mismatch between price and leverage. Spot volume has also risen considerably, meaning buyers are stepping in around current levels even as leveraged long positions get flushed out at a rate exceeding the price decline itself. The analyst called this a potentially encouraging sign, arguing it points to weaker, over-leveraged hands exiting the market while longer-term investors accumulate the underlying asset.
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