The perpetual future XRP (XRP) listed on the Kraken Exchange based in the United States have become more popular than their soil counterparts (soil) for the first time.
The negotiation volumes on XRP perpetuates listed Kraken exceeded $ 3.48 billion this month, exceeding the Solara token of $ 3.23 billion, Kraken told Coindesk. The exchange listed XRP perpetual term contracts in 2022.
XRP also stole the show in terms of price performance. The price of the cryptocurrency focused on payments increased by more than 40% this month, reaching a record summit of $ 3.66. Meanwhile, the solana Blockchain Solana blockchain increased only by 17% to $ 181, according to Coindesk data.
Commenting on the volume, Alexia Theodorou, the chief of the derivatives of Kraken, said that it was a clear reflection of the renewed optimism around XRP.
“It is motivated by the growing confidence of the market following the resolution of dry prosecution and reinforced by the election of a more friendly crypto administration,” Theodorou told Coindesk. “XRP was one of the largest beneficiaries of the change in Momentum Pro-Crypto in the United States, with the climbing spot price of about $ 0.50 just before the elections to a new ATH.”
He added that XRP has become a key focal point for merchants speculating on the trajectory of the wider cryptography market.
Solana reigns in an open interest
XRP has always been larger than soil in terms of market capitalization. Currently, XRP has a market value of $ 184 billion, or nearly $ 97 billion in double soil.
However, the interest open in XRP term contracts remains smaller than soil, suggesting a domination of holders on the XRP market and more speculation in soil. The open interest refers to the number of active or open contracts at a given time.
Since the time of writing the writing time, the cumulative interest open for the Sol / USDT and Sol / USD pairs listed in Kraken was around $ 55 million against $ 34 million in XRP, according to Data Source Coiginglass.
The global open interest in XRP was $ 8.53 billion, dragging $ 10.69 billion in soil. Bitcoin and ether were market leaders, with $ 83 billion and $ 55 billion in open interest.
Read: Ripple applies for the Charter of the Federal Bank, XRP jumps 3%
