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Highlights
- XRP futures open interest surged to 800M XRP, marking a 33% increase.
- This is the highest level since January and matches XRP’s previous open interest all-time high near $5 billion.
- Market excitement grows as the ProShares XRP ETF appears on the DTCC platform, hinting at possible trading approval.
XRP open interest has reached its highest level in months. This increase comes as investors speculate about the possible approval of a dedicated XRP ETF by ProShares. The mix of strong technical activity and interest from institutional investors suggests that the token could be on the verge of a major price rise.
XRP Derivatives Market Reaches New Peak as Open Interest Climbs
According to market data from Coinglass, open interest (OI) in XRP futures has exploded to levels not seen since January, briefly touching 800 million XRP before settling at 743 million. This figure shows a 33% increase from the low on June 22, indicating that derivatives traders are feeling more positive.
XRP futures have now surged back to their previous all-time high, nearing $5 billion in open interest. Open interest refers to the total number of active futures or options contracts in the market, a critical indicator of market participation and trader conviction.
Interestingly, XRP’s spot price has stayed stable, despite a futures trading spike. Analysts attribute this to varying trading trends worldwide. As CoinGape reported, Upbit, South Korea’s largest exchange, has seen a lot of XRP coming in, while most other international exchanges have lost about $8.82 million in XRP.
In essence, it is largely Korea holding the line on prices right now, and this regional imbalance might cause further market fluctuations as broader demand shifts.
Meanwhile, a market expert noted that the current bandwidth conditions closely resemble those observed just before the token’s significant rally in November 2024. The current market spread of 6.14% is very similar to the spread we saw before last year’s price increase. This could mean that we might see a similar price movement soon.
ProShares XRP ETF Approval Speculation Fuels Bullish Storm
New information about the ProShares XRP ETF is boosting excitement in the market. The fund has recently been added to the Depository Trust & Clearing Corporation (DTCC) platform. This typically means the fund is getting close to starting trading on U.S. exchanges.
Although the XRP ETF has not yet received formal approval from the U.S. Securities and Exchange Commission (SEC), similar listings for Bitcoin ETFs in the past have preceded green lights from regulators. The move has reignited speculation that a regulated XRP ETF could be just around the corner, further legitimizing the asset in the eyes of institutional investors.
Furthermore, Donald Trump’s Truth Social has filed to create a new multi-asset crypto ETF. This fund will invest 2% in XRP. The majority of the fund will go to Bitcoin (70%), with additional investments of 15% in Ethereum and 8% in Solana.
With open interest soaring and ProShares securing approval for its XRP ETF, the resulting surge in capital could propel the asset to new heights in both futures and spot markets.
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