XRP open interest surges over $1B as price eyes breakout

XRP is negotiated at $ 2.58, marking a gain of almost 20% in last week, because open interests increased by more than 40%.

This 20% increase in a week increase before the wider market of cryptocurrencies, which saw an increase of 13% over the same period. The sharp increase in price was paired by a sharp increase in the activity of derivatives.

In just one week, future open interest in XRP (Xrp) went from $ 2.42 billion to $ 3.42 billion, according to a position on May 13 on X in Glassnode. This increase of $ 1 billion, or an increase of 41.6%, shows an influx of increasing capital and increased speculative activity, suggesting that traders position themselves for a major decision.

The open interest refers to the total number of active term contracts which have not yet been set. When open interests climb along the price, it generally reflects new funds entering the market, rather than short-off or taking place. In accordance with the most recent price escape, this model suggests that traders have a strong directional conviction in XRP.

This feeling is supported by the technical perspectives of XRP. The assets are negotiated above all medium and long -term moving means, including the 10 days, 50 days and 200 days averages. The price continued to move strongly, and the momentum indicators show that the pressure continues to increase without reaching overheated levels.

At 68, the relative force index is getting closer, but not yet after the excessive zone, which indicates that it is still possible that the current trend will continue. Other important indicators, such as the divergence of the mobile average convergence, indicate a continuous increase movement.

In parallel with the strength of the graphic, institutional request seems to grow. The ETF XXRP, which offers institutional investors an exposure to XRP, has experienced entries for five consecutive weeks. The fund reported $ 14 million last week, compared to $ 10 million the previous week, according to data de Etf.com. The total asset of the fund under management now amounts to more than $ 99 million.

This is remarkable since its annual management fees of 1.89% are almost twice as high as some of the best known bitcoins (BTC) ETF. Despite this, the interest of investors is always high, which suggests that there is a greater demand for products related to XRP.

This increase in demand coincides with the assembly speculation This ETF XRP will soon be approved by the American Commission for Securities and Exchange. Platforms like Polymarket now to show that the chances of approval are 80%. According to JPMorgan analysts, XRP ETF entries could reach $ 8 billion in the first year, exceeding Ethereum (Ethn) ETF has been hindering since their approval in September 2024.

Due to its strong technical structure, its growing institutional interest and its open interest, XRP seems ready for a significant escape if the current trends continue.