Ethereum Open Interest Jumps, XRP Bears Not Done Selling, SUI Eyes AVAX Spot

Godfrey Benjamin
February 6, 2025
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Ethereum Open Interest Jumps, XRP Bears Not Done Selling, SUI Eyes AVAX Spot

Highlights

  • Ethereum has decoupled from BTC with open interest rising
  • XRP appears to be deepening its early trading selloff per market data
  • SUI and Avalanche enters spotlight again amid ongoing price rivalry

However, the growing bear action in the broader market has continued to impact altcoins like Ethereum (ETH), XRP, SUI, and Avalanche (AVAX) in different measures. As of writing, the combined crypto market cap is down 1.56% to $3.16 trillion, proving that headwinds remain.

Ethereum Open Interest Turns Bullish

As the frontline altcoin, Ethereum’s price has decoupled from that of Bitcoin (BTC). As of writing, the coin was changing hands for $2,789.12, up by 2.21% in 24 hours. In contrast, BTC’s price is still down 1.36% to $96,634. 

Amid this decoupling, there is evidence of a growing positive sentiment from the Ethereum futures traders. Open Interest data from Coinglass shows this metric is up marginally by 1.33% in 24 hours. With this outlook, a total of 8.57 million ETH, valued at $23.94 billion, has been committed by futures traders.

This open in Open Interest might signal the start of a solo ride for ETH price. Amid a positive shift in the future market, the potential for ETH price to reclaim $3000 remains optimal. Having dropped as low as $2,500 in earlier trading, this rebound confirms the proponent’s forecast for a sustained revival.

XRP Bears In Spotlight, SUI and AVAX Drags Spot

While Ethereum has managed to hold the forte, XRP has continued to nosedive as of writing. Trading for XRP $2,397 has shed more than 5% in 24 hours. For a coin named a candidate to displace ETH, the odds are currently not in its favor.

The SUI and Avalanche rivalry has continued to deepen, with the former making moves to overtake the latter in ranking. Currently, both coins are down by 6.66% to 1.72% and changing hands for $3.349 and $25.98, respectively. 

With this price outlook, SUI is trailing behind AVAX with a $340 million margin, a valuation that is easy to flip. Thus far, in this bull run, SUI has hit multiple all-time highs, while Avalanche has not in over 3 years. On occasions, SUI hovers new ATH, a sign that if bearish conditions thin out, it may overtake AVAX soon.

ETH and XRP to Lead Altcoin Rebound

As the most capitalized altcoins in the market, Ethereum and XRP are likely positioned to lead the sector’s recovery. Moreover, XRP remains in the spotlight, considering it has more fundamentals that may trigger a positive market reaction when activated.

The push for XRP ETF in the United States may fuel a long-term bullish run for the coin. With firms like CoinShars, 21Shares, and Grayscale pushing for the ETF tracking XRP, analysts are convinced the current drawdown is temporary.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.