🚀 XRP Perpetual Futures Open Interest Explodes to $8.8B Record—Is This the Rocket Fuel for the Next XRP Rally?

XRP traders are piling into perpetual futures like Wall Street into a tax loophole—open interest just shattered records at $8.8 billion. The market’s screaming ‘FOMO,’ but is this the real deal or another leveraged mirage?

Breaking Down the Bets

Perps are flashing bullish signals—liquidation maps show shorts getting squeezed while whales stack long positions. Volatility’s back on the menu, and XRP’s liquidity pool just turned into a high-stakes poker table.

The Cynic’s Corner

Let’s be real—half these positions are probably degens chasing last week’s Solana memecoin gains. But with Ripple’s legal fog lifting and derivatives volume eating spot markets alive, even the suits are starting to pay attention.

What’s Next?

Watch the funding rates. If they stay positive while BTC wobbles, XRP might just steal the spotlight. Or crash spectacularly—this is crypto, after all. Either way, grab popcorn.

XRP Futures Open Interest Surpasses Previous $8.3B Record

The previous record for XRP notional open interest stood at $8.3 billion, which was hit in late January before the start of former U.S. President Donald Trump’s second term.

Centralized exchanges Bitget and Binance dominated the leveraged trading scene, controlling $1.94 billion and $1.48 billion of XRP perpetual futures, respectively.

Across most venues, XRP’s funding rate was positive and climbing, signaling a market where longs are willing to pay shorts to maintain positions, a classic indicator of bullish sentiment.

As reported, the number of wallets holding at least 1 million XRP tokens has also surged to an all-time high.

Data shows that wallets holding 1 million or more XRP collectively control over 47.32 billion tokens.

XRP Open Interest about to break ATH's!

$7.17Billionhttps://t.co/U1N4jSqcSv pic.twitter.com/shNTf7obsT

Last month, Ripple CEO Brad Garlinghouse revealed the company plans to withdraw its cross-appeal against the SEC, adding that the regulator is also expected to drop its own appeal.

The announcement followed a U.S. district court decision rejecting a joint request from Ripple and the SEC to reduce Ripple’s $125 million civil penalty and overturn the ruling that classified Ripple’s institutional XRP sales as securities transactions.

In her ruling, Judge Analisa Torres noted Ripple’s readiness to “push the boundaries” of the earlier summary judgment, suggesting a risk of future violations.

The Ripple-associated token traded NEAR $3.05, marking a 5.1% gain in 24 hours, according to data from CoinGecko. Over the past year, XRP has rallied more than 420%, reaching highs around $3.31.

XRP Sees Strong Bullish Momentum

XRP has seen a strong bullish momentum on July 17, with its price reaching around $3.26, marking a significant uptrend from earlier lows near $2.80.

Technical indicators confirm this upward momentum. The Relative Strength Index (RSI) on the 2-hour and 30-minute charts sits near overbought levels, at approximately 79 and 79 respectively, suggesting strong buying interest but also caution for potential short-term pullbacks.

The MACD on both charts shows bullish crossover signals, with the MACD line rising above the signal line and positive histogram bars, reinforcing the current strength in price action.

XRP is currently trading above key moving averages and Bollinger Bands indicate volatility expansion, with prices testing the upper bands on short-term charts.

This suggests the rally may continue in the near term, though traders should be mindful of RSI levels indicating overbought conditions which may invite some profit-taking.

Overall, XRP’s price action points to sustained bullish sentiment driven by growing market participation.

Traders should watch for support near the $3.00 level as a key area to maintain bullish bias and look for continuation signals above the recent high at $3.31.