XRP open interest on Binance hits two month high at $461 million, CryptoQuant analyst says

The CryptoQuant analyst said rising open interest points to greater derivatives activity as traders position around XRP near $1.

A CryptoQuant analyst said XRP open interest on Binance has climbed to approximately $461.3 million, its highest level in two months, signaling increased activity in the token’s derivatives market.

Open interest has risen from around $360 million at the beginning of August while XRP trades near $1.00, reflecting a significant increase in capital committed to outstanding derivatives positions.

The analyst noted that rising open interest does not indicate whether traders are predominantly positioned long or short. Instead, the increase points to greater participation and speculation in the XRP derivatives market.

If XRP rises while open interest continues to increase, it could indicate new positions supporting upward momentum. Conversely, continued price weakness alongside elevated open interest could increase the risk of liquidations and sharper price moves.

The analyst said funding rates, trading volume and the long to short ratio will be important indicators for assessing how traders are positioned as XRP approaches key price levels.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.