XRP IN FRENZY! Surpasses $3.30 with Open Interest Skyrocketing to Record Level of $9.98 BILLION
Are Whales accumulating for the next jump to $3.84?
#xrp has extended its impressive bullish streak, briefly touching $3.30, a movement driven by extremely bullish sentiment in the futures markets. This meteoric rise has captured the attention of the entire crypto community, especially as the token approaches levels not seen in years.
Open interest in XRP futures skyrocketed to an impressive $9.98 billion on major exchanges, representing a 26% increase in just the last 24 hours and marking the highest level since 2021.
Funding rates remain elevated, indicating that traders are aggressively opening long positions, even as prices show signs of overheating in shorter timeframes.
A price increase along with a rise in open interest is generally a strong signal of bullish sentiment and the expectation of a continued rally.
On-chain data from WhaleTrace reveals that large holders (“whales”) have accumulated over 2.2 billion XRP in the past two weeks, suggesting strong conviction from high-cap investors.
Part of this bullish activity coincides with recent news such as the launch of leveraged ETFs in the U.S., which may have injected new capital and enthusiasm into the market. Additionally, Grayscale has confirmed the inclusion of XRP in its Digital Large Cap Fund, adding another layer of institutional validation.
According to CoinDesk Analytics, traders are now looking at the range between $3.50 and $3.84 as the next key resistance zone.
Technical indicators, such as the RSI on the 4-hour chart, have remained above 80 since Tuesday, which often indicates overbought conditions and possible short-term exhaustion.
