XRP Futures Open Interest Zooms to 5-Month High as Traders Seek Bullish Bets

Key Points

1. Cumulative open interest in XRP perpetual futures briefly rose to 800 million XRP, the highest since January 19.

2. The increase in open interest suggests an influx of money into the market, reflecting demand for bullish exposure.

3. The funding rate for XRP futures has remained positive, occasionally exceeding 10% annualized, indicating strong bullish sentiment.

4. The long-to-short ratio in the Binance-listed XRP/USDT market stood at 1.90, showing more long positions than shorts.

5. XRP's price briefly rose to $2.35, a level last seen in late May, before settling around $2.25.