XRP Futures See Bullish Surge as Traders Pile In, But Spot Price Holds Steady
XRP futures markets are lighting up with bullish bets, even as the token’s spot price struggles to gain momentum.
On Monday, open interest in XRP perpetual futures briefly soared to 800 million XRP—the highest level since January 19—according to data from Velo, which tracks USDT- and USD-based perpetual contracts across Binance, Bybit, OKX, and Hyperliquid.
Currently, total open interest sits at around 743 million XRP, marking a 33% increase from June 22, when XRP dipped to a local low of $1.90.
Open interest represents the total number of active futures contracts and is often viewed as a signal of new capital entering the market. However, it doesn’t immediately show whether those positions are long or short.
Evidence suggests traders are leaning bullish. Funding rates for XRP perpetual contracts have stayed positive and at times surged past an annualized 10%—a sign traders are willing to pay a premium to hold long positions.
Perpetual futures involve funding payments roughly every eight hours. When prices in perpetual markets trade above spot, traders with long positions pay those with shorts to maintain balance.
Binance’s “top trader long/short ratio” for the XRP/USDT pair, tracked by Coinglass, sits at 1.90—meaning there are nearly twice as many longs as shorts. Short traders profit if prices decline.
Adding to the positive outlook, Deribit’s options market has seen traders targeting higher-strike XRP calls, signaling expectations of further price gains.
Despite the futures frenzy, XRP’s spot price remains subdued. On Monday, it briefly spiked to $2.35—a level last seen in late May—before slipping back to around $2.25, where it has since traded sideways without significant volatility.
