XRP Futures Interest Reaches Peak Amidst Market Stability
Despite bullish signals in futures, XRP’s spot price remains stable.
The futures market for XRP indicates growing bullish momentum as significant activity has been recorded recently. On Monday, the open interest in XRP perpetual futures on major exchanges hit 800 million XRP, marking the highest since January. Notably, data collected by Velo, which monitors activity in USDT and USD perpetuals across platforms like Binance, Bybit, OKX, and Hyperliquid, reflects this trend.
Key Insights:
- Cumulative open interest currently stands at 743 million XRP, an increase of 33% compared to late June, when the price of XRP dipped to $1.90.
- Positive funding rates suggest traders favor bullish positions.
- Despite these bullish signals, the spot price for XRP remains relatively steady, fluctuating around $2.25.
Market Dynamics:
Notably, exchanges collect funding rates roughly every eight hours, and current rates indicate an eagerness among traders to maintain bullish stances, evidenced by a top trader long/short ratio of 1.90 in the XRP/USDT market on Binance. This means that for every short position taken, there are approximately two long positions.
Currently, XRP’s price appears fairly stable, having peaked recently at $2.35 but then falling back to around $2.25. This situation highlights the contrasting dynamics within the futures market versus that of spot prices for XRP.
