XRP open contracts rise to a multi-month high! The approval expectation of ProShares XRP ETF ignites the market, is a bull run about to begin?
Latest market data shows that the open interest of XRP futures contracts has surged to its highest level since January this year, reaching an astonishing 800 million XRP before stabilizing at 743 million XRP. Compared to the low point on June 22, this key indicator has skyrocketed by 33% in a short period, clearly indicating a significant increase in confidence among derivatives traders regarding XRP's future, with bullish bets notably rising. The explosive growth of XRP futures open contracts, combined with strong market expectations for the approval of the ProShares XRP ETF, constitutes a powerful catalyst for a bull run. Once the expectations come true, the influx of massive capital is likely to push XRP's price to new heights, signaling a potential significant value reassessment for XRP in both the crypto assets derivatives market and the spot market. The market is holding its breath for the SEC's final ruling, which could become the key trigger for igniting XRP's bull market.