Ripple (XRP) is holding above $1, its key support level, despite a mild correction in the cryptocurrency market. According to overseas crypto media outlet CoinGape, network activity on the XRP Ledger has risen to its highest level in two months, lending support to cautious recovery expectations. Meanwhile, Bitcoin is trading below $63,000, and Ethereum is trading under $1,900.

CoinGape reported that if XRP holds the $1 level, it could maintain its recovery trend and potentially attempt another rebound in the short term.

■ Derivatives Trading Volume Up 16.52%... Open Interest Also Rises

According to CoinGlass data cited by CoinGape, XRP derivatives trading volume reached $1.55 billion, up 16.52%. This figure indicates that market participation is expanding. Open interest was also tallied at $2.74 billion, up 1.41%.

CoinGape interpreted this as a signal that traders in the XRP derivatives market are maintaining larger positions than before. In particular, the relatively large increase in trading volume can be seen as an indication that short-term trading activity has grown. CoinGape noted that, with open interest rising as well, market participation by derivatives traders is continuing.

■ Investor Sentiment at Three-Month Low... Ledger Activity Moves in the Opposite Direction

According to CoinGape, as downward price pressure on XRP intensified this week, sentiment among retail investors has fallen to its lowest level in three months. Investor sentiment deteriorated as XRP failed to sustain its rebound and dropped below $1, a key market price level.

In contrast, XRP Ledger activity moved in the opposite direction of this market sentiment. According to Santiment data cited by CoinGape, the XRP Ledger recorded 49,929 active addresses over a 24-hour period. This marks the highest level of daily network activity recorded on the XRP Ledger in more than two months.

CoinGape noted that, considering that network activity had previously fallen to its lowest level of the year in July, the recent increase represents a marked shift in network participation.

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