In a major development, open interest (OI) in XRP$XRP

futures has surged to $4.87 billion over the past 24 hours, according to data from CoinGlass. Open interest refers to the total number of active futures or options contracts in the market and often reflects traders’ sentiment and expectations regarding an asset's future price movement$BTC

$ETH

This spike in OI comes as XRP continues to consolidate within a narrow price range, with traders preparing for a potential breakout. Since early May, XRP has been trading between $2.65 and $2.26, with two failed attempts to breach the upper boundary at $2.65.

At the time of writing, XRP is testing the lower end of this consolidation zone, trading at $2.27 after a 1.58% decline in the last 24 hours. The drop coincides with a broader wave of selling pressure across the crypto market during Wednesday’s early session, which saw $203 million in liquidations—likely influenced by anticipation around the release of the Federal Reserve’s meeting minutes.

Key Technical Levels to Watch

Traders are closely watching whether XRP can maintain support above its 50-day and 200-day moving averages, currently positioned at $2.23 and $2.26 respectively. A sustained hold above these levels could reinforce bullish sentiment.

On the upside, a decisive break above the $2.65 resistance may signal the start of a fresh bullish wave. If that happens, XRP could potentially target the $3.00 level and eventually reach as high as $3.40. Conversely, a breakdown below current levels might see the asset revisit the $2.00 support zone.

Progress Toward a Spot XRP ETF

In a significant regulatory update, the U.S. Securities and Exchange Commission (SEC) has officially begun reviewing the WisdomTree XRP Trust—a proposed spot exchange-traded fund (ETF) that would offer direct exposure to XRP.

The ETF application, submitted by Cboe BZX Exchange, marks the first formal review by the SEC of a U.S.-based spot XRP ETF. If approved, it would be a landmark moment for both XRP and the broader crypto market, potentially opening the door for other spot crypto ETFs.

On Polymarket, betting odds suggest an 84% probability that the XRP ETF will be approved by December 31. Meanwhile, Ripple's Chief Legal Officer Stuart Alderoty revealed that the company has submitted an additional letter to the SEC’s Crypto Task Force. The letter addresses a critical issue raised by Commissioner Hester Peirce in her "New Paradigm" speech: When does a digital asset cease to be part of an investment contract?

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