CryptoQuant analyst Maarten Regterschot pointed out in a post to X on December 1 that XRP's open interest (an indicator measuring the open positions of derivatives) has surged significantly in the past 24 hours, warning that a substantial increase could lead to a rapid sell-off.

"Open interest has risen by 37%—be mindful of volatility. The last similar event resulted in a 17% drop," Maarten said.