Who's bullish now? XRP below $1, futures open interest down by 75%

[Dociko]

Traders are clearly nervous after XRP corrected by 54%, and the futures open interest premium flipped negative. XRP price soared 260% in April, moving from $0.57 on March 31 to $1.97 on April 14, its highest level since January 2018. The move caused XRP futures to reach an impressive $2.1 billion open interest.

However, on May 19, as cryptocurrency markets collapsed, XRP lost 60% in 4 days, liquidating $510 million long positions. The futures open interest retraced to $550 million, roughly the same level from early February when the altcoin traded near $0.40.

Investors are now questioning if XRP futures will ever be able to recover to a multi-billion market. Were April's figures inflated by excessive leverage, or is it just a matter of time until it rebounds to the previous levels? Source: Cointelegraph