Open interest in $XRP contracts has risen
Futures reached their highest level since January, peaking at 800 million XRP before settling at 743 million, a 33% increase from the low on June 22, according to data retrieved by Finbold from Coinglass.
This increase in cumulative futures positions indicates growing confidence among derivatives traders, even as the spot price $XRP remains steady at around $2.33, up 2.34% in the past 24 hours and 6.27% over the past week.
XRP price analysis
XRP price analysis
Despite the increase in futures activity, the price $XRP has not achieved any substantial gains. Analysts attribute this discrepancy to differing trends between global exchanges. On the South Korean exchange Upbit, the largest cryptocurrency trading platform in the country, XRP inflows remain strong, supporting demand.
At the same time, other major international exchanges experienced outflows exceeding $8.82 million from XRP, indicating that the price is significantly supported by local Korean buying pressure.
Additional on-chain data shows that open trading volume for XRP in US dollars is also rising, while funding rates remain positive, reinforcing bullish sentiment among futures traders. However, this regional imbalance in trading flows could lead to volatility if broader demand does not keep pace.
Meanwhile, XRP trading volume remains high, and derivatives data suggests the market is preparing for a directional move. With open interest rising faster than the price, traders should be alert to the possibility of a breakout or correction, depending on how long Korean support continues to dominate global trading dynamics.
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