XRP futures open interest surges by more than $1 billion in a week
Summary ⚈ XRP futures open interest surged 41.6%, rising from $2.42B to $3.42B. ⚈ Price climbed to $2.54 amid legal optimism and $7B market cap growth. ⚈ Whale activity and rising exchange reserves pose short-term sell-off risks. XRP futures open interest has increased from $2.42 billion to $3.42 billion over the course of the past week. This 41.6% surge coincides with a steady rise in overall XRP derivatives open interest, which is near 1-month highs. Moreover, as the increase has coincided with a price rally from $2.14 to $2.48, the development signals growing bullish directional conviction, as highlighted by crypto analytics platform Glassnode in a May 13 X post. XRP futures open interest 1-month chart. Source: Glassnode XRP price analysis XRP’s rally has extended beyond the timeframe highlighted by the analytics platform. By press time on May 13, the cryptocurrency was trading at $2.54, having marked a 3.15% gain on the daily chart. Year-to-date (YTD...
