XRP, the native cryptocurrency of Ripple, has reached a historic milestone with its futures open interest hitting a record $3.91 billion. This surge in trading activity signals growing investor confidence in XRP, as highlighted by Wu Blockchain on X, citing data from CoinGlass.
The majority of XRP futures open interest is dominated by three major exchanges: Binance leads the pack with 535 million XRP contracts, representing 32.04% of the tidal open interest. Bybit comes second with holding 524 million XRP contracts, making up 31.27% and Bitget comes in third with 327 million XRP contracts, accounting for 19.55% of the total.
This surge reflects strong community engagement, with both retail and institutional traders showing increased interest in XRP. Several factors are contributing to this, including Ripple’s positive legal developments, the launch of its stablecoin RLUSD, and the growing adoption of XRP in cross-border payments.
XRP’s derivatives market has shown significant activity, with trading volume surging by an impressive 289% to $60 billion, and open interest climbing 17.5% to $3.90 billion. Options trading is also on the rise, with volume increasing 17.41% to $4.01K and open interest up 16.20% to $992.33K.
The 24-hour long/short ratio stands at 0.9932, indicating a nearly balanced sentiment. On Binance’s XRP/USDT pair, the long/short ratio for accounts is 1.592, while OKX XRP’s ratio is slightly lower at 0.94. Top traders on Binance show a stronger bias toward longs, with account and position ratios at 1.949 and 2.723, respectively.
The liquidation (Rekt) data reveals substantial activity, with $1.72M liquidated in the last hour, $12.52M over four hours, $37.45M in 12 hours, and a staggering $70.03M in 24 hours. Notably, shorts accounted for $44.41M of the 24-hour liquidations, compared to $25.62M from longs.
With XRP’s momentum, analysts believe the $3 mark could be reached in the coming weeks. Price forecasts suggest that XRP could trade between $1.59 and $4.37, with an average target of $2.72. Some predictions even go as high as $5.34 by early 2025, fueled by potential political changes, such as a new administration under Donald Trump.
Also Read: Ripple’s XRP Become Third Largest Crypto Asset by Market Cap
