XRP Approaches All-Time High as Futures Open Interest Hits Multi-Year Peak
XRP surged to $3.30 during Wednesday’s Asian trading session, pushing within 4% of its 2018 record high of $3.40. The rally marks a 10% gain over the last 24 hours and 34% over the past week, as momentum builds across both spot and derivatives markets.
Fueling the move is a spike in futures activity. Open interest has climbed to $9.98 billion, a 26% increase in just one day, reaching its highest level since 2021. Elevated funding rates suggest traders are aggressively building long positions, despite signals of short-term overheating.
This combination of rising prices and increasing open interest is typically seen as a strong bullish indicator, reflecting market conviction and the potential for further upside.
Meanwhile, on-chain data from WhaleTrace shows that over 2.2 billion XRP has been accumulated by large holders in the past two weeks. This wave of buying aligns with key developments, including the upcoming debut of leveraged XRP ETFs in the U.S. and Grayscale’s announcement that XRP will be added to its Digital Large Cap Fund.
Despite overheated technical readings—the 4-hour RSI has held above 80 since Tuesday, a sign of short-term exhaustion—volume-backed momentum has kept the rally intact. Traders are now eyeing the $3.50 to $3.84 range as the next potential resistance zone, according to CoinDesk Analytics.
