$USDC

Market observers see the sharp increase in open interest for XRP contracts as reflecting a rise in speculative activity, hinting at the possibility of a price breakout in the near term, as the currency is trading around the $2.20 level on Tuesday morning.

Ryan Lee, Senior Market Analyst at the Bitget platform, said: "Open interest for XRP jumped to nearly $5 billion (over the weekend), indicating increasing speculative activity as traders enter large positions in the derivatives market."