Open interest in XRP futures has climbed to its highest level since October just as the token hovers near the $1 mark. The buildup comes hours before the U.S. releases its July CPI report, a print traders expect could sway the wider crypto market.
Open interest in XRP futures has risen to 2.67 billion XRP, or $2.73 billion — the most since October — up from 2.25 billion XRP at the start of the month. That buildup of leverage is happening while the token trades close to a level that, if breached, could embolden bears.
XRP tests the $1 floor
Prices briefly fell to 99 cents on some exchanges Tuesday before recovering, though the bounce stalled near $1.02. XRP has lagged behind bitcoin and the broader market recovery in recent days, leaving it more exposed than other major tokens to a swing in either direction. The setup grew more tense after a bridge linked to the XRP Ledger was drained for $200,000 earlier the same day, after software mistook fake deposits for real ones.
The CPI print traders are watching
Forecasts point to 0.1% month-on-month growth in headline CPI for July, up from June's –0.4% reading. The year-on-year figure is expected at 3.4%, down from 3.5%, while annual core inflation is seen dropping to 2.5% from 2.6%. According to ING, a softer-than-expected print could weaken the dollar, an outcome that could bode well for the crypto market.
Bitcoin has been stuck in a $62,000-to-$66,000 range, and the way its options are priced suggests traders have low expectations for CPI-driven fireworks. Markus Thielen, founder of 10x Research, said the market is pricing a post-CPI swing of just 1.3% for bitcoin, which he called nothing out of the ordinary.
Prediction markets stay cautious on XRP
Even with futures activity surging, prediction markets aren't betting on a breakout. Odds for XRP reaching a new all-time high by December 31, 2026 sit at 6.7%, remaining relatively low despite the increase in futures activity.
Sources: CoinDesk, Crypto Briefing
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