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Join Telegram ChannelRipple (XRP) has achieved a remarkable milestone by surpassing Solana and Tether to secure its position as the third largest cryptocurrency by market capitalization.
However, analysts warned that the sharp rise may have been fueled by speculative leverage in derivatives markets, posing significant risks.
Ripple Surpasses Solana and Tether
According to CoinTelegraphMaarten Regterschot, an analyst at CryptoQuant, highlighted in a tweet that XRP's open interest rate jumped dramatically in the last 24 hours. He warned investors about the volatility that often follows such rapid growth.
“XRP open interest has grown by 37% recently. Be wary of price changes. A similar pattern has previously resulted in a price drop of 17%. Stay alert and manage risks,” advises Regterschot.
Data from coin cup showing XRP open interest now stands at nearly $4 billion. At the time