XRP open interest is close to a 1-year low as of April 14, with the sum of open positions declining to 1.18 billion, down from a high of 3.67 billion in mid-January, according to the latest data retrieved by Finbold from crypto on-chain and market data analytics platform CryptoQuant.
XRP open interest year-to-date (YTD) chart. Source: CryptoQuant
What does this mean for crypto traders? In essence, derivatives trading volume has dried up. This is a clear signal of reduced speculative interest — but more importantly, it’s a strong sign that no clear trend, bullish or bearish, is present.
This is supported by yet another simple metric — trading volume. The reduction in XRP open interest is accompanied by sluggish volume — which has reduced by 22.49% over the past 24 hours as per statistics from CoinMarketCap, and has been on a steady decline since Wednesday, April 9.
XRP 24-hour trading volume change. Source: CoinMarketCap
Yet this reduction in speculative trading wil
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