As Ripple Labs, the firm behind Ripple (XRP), tests its newly created stablecoin RLUSD on the XRP Ledger (XRPL), XRP’s Open Interest soared, surpassing the $1 billion mark. Additionally, several investment opportunities have come to light amid the pervading bearish downturn across the crypto market, one of which is IntelMarkets (INTL).
XRP Open Interest Soars to $1 Billion as the New Stablecoin Undergoes Testing
Open Interest in XRP has skyrocketed over the last few days owing to growing enthusiasm about RLUSD, a stablecoin recently developed by Ripple Labs. This development was reported in a post on X on October 2, 2024.
Ripple Stablecoin Tracker, an X account dedicated to tracking the minting activities surrounding the new Ripple-owned stablecoin, revealed in a post on September 29 that 480,000 RLUSD had been minted on the same day as part of the testing procedures for the asset. It’s worth noting that 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 now 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.
Per CoinGlass’s data, 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.
Market Participants Spot IntelMarkets 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 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 it uses top blockchain technologies to offer smooth trading experiences to users.
Notably, the exchange 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.
XRP and INTL Garner Market Interest!
Along with XRP’s rising Open Interest, IntelMarkets has also recorded almost $1 million in funding generated amid 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 the best options amid the ongoing bearish downturn.
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