XRP futures open interest surged by $1B in a week, reflecting rising leverage and growing bullish conviction among traders.
The May rally pushed XRP above $3.00 as open interest hit a record $3.4B, signaling intensified speculative momentum and renewed market strength.
XRP's price and futures open interest moved in lockstep from February to May, highlighting strong correlation during key market swings.
The futures market for XRP, based on Glassnode data, has seen an increase in trading over the past several weeks. Open interest increased over $1 billion, jumping from $2.42 billion to $3.42 billion. This 41.6% increase came during the price increase from $2.14 to $2.48. This, thus, reflects increased speculative interest and stronger directional conviction. Retail and institutional investors appear to be doubling down on long wagers. The sharp spike also reflects growing confidence in XRP's short-term trajectory.
Besides the recent surge, the analysis shows clear correlation patterns between price and open interest. Since mid-February, open interest has mirrored price trends with high accuracy. The metric started at around $2.6 billion and steadily climbed to $3.2 billion by late February. During that period, XRP’s price also reached $2.40. However, both metrics faced sharp reversals in early March. Open interest dropped to $2.2 billion while XRP fell below $2.00.
Market Cycles Show Clear Accumulation Patterns
March brought volatile swings in futures positioning. Around March 5, open interest briefly touched $3 billion, despite subdued price action. This suggested speculative buildup without immediate price confirmation. By mid-March, market conditions stabilized. Open interest ranged between $2.2 billion and $2.5 billion, while XRP hovered around $2.10.
Source: Glassnode
Late March triggered renewed optimism. Open interest climbed to $2.8 billion, while price action followed with a gradual uptrend. April opened with consistent futures exposure near $2.6 billion. However, a wave of selling pressure drove both metrics downward. By mid-April, open interest fell to $2 billion. XRP also dipped to fresh lows under the $2.00 threshold.
May Rally Signals Breakout Momentum
Recovery began in late April. Both open interest and price started climbing steadily. Open interest reached $2.7 billion while XRP crossed above $2.00. The most explosive move came in early May. Futures open interest surged past $3.4 billion, marking a record high. Moreover, XRP’s price finally broke above $3.00, confirming strong market conviction.
This phase reflects intensified accumulation and aggressive positioning. The magnitude of this rally surpasses prior market cycles. Additionally, the tight link between open interest and price confirms heightened speculative behavior.
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