XRP has experienced a significant rally, gaining 24% since last week, fueled by bullish sentiment in the broader crypto market. Bitcoin's position above $100,000 and Ethereum's reclaim of the $2,200 mark have contributed to altcoins like XRP showing renewed strength. Analysts predict a potential breakout if XRP reclaims key resistance levels in the coming days.
Data from Glassnode reveals a dramatic surge in XRP Futures Open Interest, climbing over $1 billion in one week. Specifically, the metric rose from $2.42 billion to $3.42 billion, marking a 41.6% increase. This spike indicates growing speculative interest and directional conviction among traders.
All eyes are on XRP's next move as leverage builds, determining if this momentum leads to a full-blown rally. The rise in open interest alongside price appreciation often signals sustained bullish intent. XRP has surged above $2.50, positioning itself as a leader among large-cap altcoins.
Price compression, combined with broader market optimism, suggests XRP may be gearing up for a major move. XRP Futures Open Interest soared by over $1 billion in the past week, according to Glassnode data. It jumped from $2.42 billion to $3.42 billion, a 41.6% increase, coinciding with a price rally from $2.14 to $2.48.
This surge in leverage underscores growing speculative interest and strong directional conviction among traders. Elevated open interest, paired with upward price movement, often signals sustained momentum and institutional participation. The next few sessions could be pivotal for determining whether XRP will finally break out into a new macro trend.
This article is based on our author's analysis of materials taken from the following resources: Glassnode.