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XRP News: Open Interest Drops $1B as Price Struggles to Break Resistance
XRP has been consolidating under key resistance for over a month, leaving investors frustrated as the altcoin struggles to gain upward momentum. This prolonged inactivity has taken a toll on traders’ confidence, with many stepping back as the altcoin fails to display significant price growth.
Recent data shows that XRP Open Interest has dropped by $1 billion in the past 24 hours. Just yesterday, the Open Interest had surged to an unexpected $2.9 billion over expectations of a rally. However, as these hopes began to fade away, traders started withdrawing their funds, indicating a growing bearish sentiment among XRP enthusiasts.
This sudden withdrawal reflects the deepening uncertainty surrounding XRP’s ability to break through its current resistance levels. Furthermore, the crypto market’s macro momentum is also showing signs of weakness.
Source: coinpedia.org
