TechFlow reported on December 13 that according to Bitcoin.com, Nexo analyst Iliya Kalchev pointed out the open interest of XRP has surged over 30% recently, reaching a total size of $4 billion, reflecting an expanding investor base and increased trading activity. Since breaking above the $2 mark on December 1, XRP has continued strengthening, hitting its highest level since January 2018.
Kalchev noted this latest surge is primarily driven by three factors: favorable regulatory developments, a broader rebound in the cryptocurrency market, and Ripple receiving final approval from the New York State Department of Financial Services (NYDFS) for its RLUSD stablecoin. Looking ahead, Kalchev believes XRP's trajectory will depend on Ripple's strategic initiatives and the maturity of the crypto market, with current indicators suggesting these positive trends may persist.
In addition, analyst Maarten Regterschot cautioned that the current rally is leverage-driven and investors should remain vigilant about volatility risks.
