XRP Open Interest Hits $4.87B in 24 Hours

XRP open interest has skyrocketed to $4.87 billion within just one day, marking a significant surge in trading activity and spotlighting the growing anticipation surrounding the Ripple-backed digital asset.

According to data from CoinGlass, this spike in open interest — the total number of outstanding futures and options contracts — reflects heightened speculative sentiment among investors. As traders continue to position themselves around the current consolidation zone, XRP seems poised at a critical technical juncture.

Over the past several weeks, XRP has traded within a range bound between $2.26 and $2.65. This pattern emerged after multiple attempts to break through the $2.65 resistance level were met with rejection. As of this writing, XRP is hovering near the lower bound of this range at around $2.27, reflecting a 1.58% decline over the previous 24 hours. This dip coincides with broader market pullbacks, as evidenced by $203 million in overall crypto liquidations driven by investor caution ahead of key U.S. Federal Reserve announcements.

Technical analysts are closely watching XRP’s behavior near its 50-day and 200-day moving averages, which currently lie at $2.23 and $2.26, respectively. Maintaining positions above these indicators could be critical for short-term bullish catalysts. A sustained breakout above the $2.65 resistance could open the gates for XRP to retest the $3.00 mark, and potentially aim for $3.40 in the coming cycles. Conversely, if downward pressure persists, support appears to be forming near the $2.00 level, acting as a safety net for the token.

Another major development looming on the horizon is the potential approval of the first XRP spot exchange-traded fund (ETF) in the United States. The U.S. Securities and Exchange Commission (SEC) has initiated a formal review of the WisdomTree XRP Trust, a fund submitted via the Cboe BZX Exchange. Should this ETF gain approval, it would mark a historic milestone for XRP’s legitimacy in the traditional investment space.

Betting markets on Polymarket suggest optimism is running high, with 84% odds favoring approval of the XRP ETF by December 31. Such a development could significantly influence market sentiment, fueling further institutional interest and retail participation.

Adding to the regulatory momentum, Ripple’s Chief Legal Officer Stuart Alderoty has submitted a new letter to the SEC’s Crypto Task Force. This correspondence directly engages with Commissioner Hester Peirce’s notable “New Paradigm” speech, which raised pivotal questions regarding the evolving nature of digital assets and their status as securities. Ripple’s latest effort aims to clarify how and when digital tokens like XRP may be deemed distinct from the investment contracts through which they are initially offered.

Related: Expert Advice: Sell XRP If You’re Confused

While XRP is currently navigating a complex mix of technical resistance and regulatory dreams, the convergence of growing institutional products, escalating open interest, and legal advocacy has certainly pushed it into the spotlight. Traders and investors remain alert, waiting to see whether the surge in futures market participation will bleed over into stronger price momentum.