XRP Nears Record High of $3.40 as Futures Open Interest Hits $10 Billion
XRP, the digital asset associated with Ripple, is making waves in the cryptocurrency market as it surges toward its all-time high. The token has seen a remarkable rally, climbing over 10% in the past 24 hours and 34% in the past seven days, briefly touching $3.30 during Asian trading hours. This puts XRP just 4% below its 2018 peak of $3.40, sparking speculation that a new record could be imminent.
Futures Market Fueling the Rally
The bullish momentum is being driven by a surge in futures open interest, which has skyrocketed to $9.98 billion—the highest level since 2021. This represents a 26% increase in just 24 hours, indicating strong trader confidence in further upside.
Elevated funding rates suggest that traders are aggressively taking long positions, despite short-term overbought conditions.
Rising open interest alongside price increases typically signals strong bullish sentiment and expectations of a continued rally.
Whale Accumulation and ETF News Boost Confidence
On-chain data from WhaleTrace reveals that large holders have accumulated over 2.2 billion XRP in the past two weeks. This accumulation coincides with growing optimism around cryptocurrency ETFs, including:
- The launch of leveraged ETFs in the U.S.
- Grayscale’s confirmation that XRP will be included in its Digital Large Cap Fund, increasing institutional exposure.
Technical Outlook: Can XRP Break $3.50?
According to CoinDesk Analytics, traders are now eyeing the $3.50–$3.84 range as the next major resistance zone. However, technical indicators suggest caution:
- The 4-hour RSI has been above 80 since Tuesday, signaling extreme overbought conditions that could lead to a short-term pullback.
- Despite this, the rally has been supported by strong volume, suggesting sustained buying pressure.
Key Takeaways
- XRP is inches away from its 2018 all-time high of $3.40.
- Futures open interest at $10B reflects strong bullish sentiment.
- Whales are accumulating XRP, possibly anticipating further gains.
- ETF developments are adding fuel to the rally.
- Traders are watching $3.50–$3.84 as the next target, but overbought conditions may cause volatility.
With bullish momentum still strong, XRP could soon rewrite its price history—but traders should remain cautious of potential corrections in the near term.
Reference: Information are collected from CoinDisk