XRP Open Interest Soars to $1 Billion as the New Stablecoin Undergoes Testing

As Ripple Labs, the firm behind Ripple (XRP), tests its newly created stablecoin RLUSD on the XRP Ledger (XRPL), XRP’s Open Interest soared

As Ripple Labs tests its new stablecoin on the XRP Ledger, XRP's Open Interest has soared to $1 billion. This development comes amid the broader bearish downturn in the crypto market, which has seen several investment opportunities emerge.

According to a post on X on October 2, this development has sparked interest in XRP, with several investment opportunities emerging amid the bearish downturn being spotted by market participants.

Rising Open Interest in XRP

Open Interest in XRP has surged over the last few days due to growing enthusiasm about RLUSD, a stablecoin recently created by Ripple Labs.

A post on September 29 by XRP Stablecoin Tracker, an X account that tracks minting activities around the new Ripple-owned stablecoin, revealed that 480,000 RLUSD was minted on the same day as part of testing procedures for the asset.

This development comes as the RLUSD stablecoin is still in its beta testing phase. However, the latest mint has sparked speculations that the beta testing period might be coming to a close.

This speculation has ignited interest in the stablecoin, with market watchers paying more attention to the stablecoin and the XRP ecosystem as a whole.

Due to the surging attention to the XRP ecosystem, XRP's Open Interest experienced a monumental increase, reaching $1 billion. This milestone was last achieved between March and June 2023.

According to data from CoinGlass, Binance and Bybit commanded more than half of the total XRP Open Interest, with a combined 64% ascribed to both exchanges.

While Bybit led with 33.21%, Binance followed with 30.78%, approximating $852.62 million in monetary value.

Market data also shows that XRP's spot trading volume rallied to $2.5 billion on September 30 despite the bearish downturn in the market condition.

Meanwhile, Ripple's XRP shed 6.33% within the last 24 hours amid the bearish downturn, dropping to $0.573.

IntelMarkets Emerges Amid Bearish Downturn

With the crypto market in a bearish downturn condition, investors are on the lookout for key investment opportunities to scale the downbeat period. Their search has led to the discovery of INTL, an emerging cryptocurrency that is gaining upside momentum while the rest of the market craters.

INTL is the native token of IntelMarkets, a new-fashioned perpetual contracts exchange with state-of-the-art resources to help improve the performances of every futures trader.

IntelMarkets is notable for its dual-chain architecture, which taps into top blockchain technologies to offer smooth trading experiences for users.

The exchange notably taps the powers of Ethereum and Solana, using them to provide faster and cost-effective services to users.

Moreover, users will be able to enjoy the flexibility of trading on their chain of choice as suitable to their strategies and preferences.

Part of its mission is to provide users with innovative solutions to improve their trading experiences. Some of the ways IntelMarkets achieves this are via its high-leverage offerings and favorable borrowing terms, allowing traders to boost their potential gains and take advantage of opportunities.

Due to IntelMarkets’ flexible nature, users can access numerous trading pairs, including famous ones like BTC/USDT and scarcely-known assets. This flexibility encourages dynamism among traders so that they can maximize profits with any crypto asset in a positive state at any given time.

Despite the ongoing bearish downturn, INTL rose 50% recently as it entered Stage 3 of its public presale at $0.027. Now, INTL is poised to soar more than 300% toward its final presale price of $0.11 in the coming days.

Together, XRP and INTL garner market interest with the former’s rising Open Interest and the latter recording almost $1 million in funding generated during its presale. Thus far, INTL has generated over $910,000, suggesting that investors are confident in the token's ability to deliver significant gains.

This sentiment positions INTL alongside XRP as altcoins to consider as the best options amid the ongoing bearish downturn.

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