XRP outperformed Bitcoin and Ethereum with strong gains in recent trading sessions.
Bybit leads XRP open interest with a 35.58% market share, followed by Binance and Bitget.
Liquidation hotspots show key levels where long and short positions may face risk.
XRP’s price has seen a sharp rise, trading above $0.8137 at the time of writing. This marks a 15.63% increase in the last 24 hours and a 47.88% surge over the past week. The price momentum follows a base formation above the $0.620 level, with a breakout past $0.740. XRP has outpaced Bitcoin and Ethereum in recent sessions, driven by significant market activity and open interest (OI) dynamics.
Bybit Leads XRP Open Interest
XRP’s current open interest stands at 1.68 billion XRP, valued at $1.37 billion. Bybit holds the largest share, accounting for 35.58% of the total OI, with a volume of 598.25 million XRP worth $485.85 million.
Despite a 0.37% drop in 24-hour volume, Bybit’s 7-day volume has risen by 19.51%, indicating increased trading activity. Funding rates on the platform are relatively high, at 0.1794, suggesting that traders are paying a premium to maintain long positions.
Binance and Bitget Follow in OI Distribution
Binance ranks second in XRP’s OI, holding 530.57 million XRP valued at $430.87 million, with a market share of 31.55%. Unlike Bybit, Binance recorded a 2.25% rise in 24-hour trading volume and a 26.21% increase in 7-day volume, reflecting heightened trader interest.
Meanwhile, Bitget secures the third spot, with an OI volume of 311.40 million XRP, worth $252.99 million. Its funding rate is lower, at 0.0657, but it saw a 3.41% price change, the highest among the top three exchanges.
Liquidation Data Highlights Potential Risks
Liquidation metrics reveal critical insights into market positioning. The cumulative long liquidation leverage is valued at $97.18 million, with significant clusters around $0.728. Bybit shows $508.77K in liquidations, followed by Binance at $1.35 million.
Conversely, short liquidation leverage intensifies above $0.813, indicating that continued upward movement could force short sellers to exit their positions, potentially fueling further gains. This liquidation pattern underscores a strong bullish sentiment but also highlights risks near key price points.
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