XRP open interest on Binance jumped 28.6% over two weeks even as the token retested a multi-year low near $0.98. Data from CryptoQuant shows the increase is being driven by aggressive bearish positioning rather than fresh buying demand.
XRP is still struggling to recover from a recent price correction that pushed it down to retest a multi-year low near $0.98, but its derivatives market on Binance is sending a different signal. Data from CryptoQuant shows a sharp increase in activity on the exchange's XRP futures market this month.
Open interest climbs to a two-month high
XRP open interest on Binance climbed from about $181 million on August 3 to $232.7 million on August 17. That is a jump of 28.6% over two weeks, bringing the Binance XRP futures market to its highest level since June 2026. However, the surge is unfolding during a period of heightened volatility and consistent price declines, and it appears to be driven largely by intense bearish positioning rather than renewed buying interest.
Selling pressure clouds the signal
The seven-day open interest trend adds to the picture: the daily change moved from about -$40 million on July 29 to +$38.9 million on August 17, showing that traders have been opening fresh positions in August, whether bearish or bullish. Meanwhile, the open interest surge has been accompanied by persistent selling pressure, as Binance's Perpetual CVD fell to -$463.2 million. This suggests aggressive sell-side activity has continued to outweigh buying in the XRP derivatives market, leaving a mixed signal: the initial open interest surge could be read as bullish, but other indicators point to bearish traders driving the action.
Source: U.Today
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