XRP futures open interest sets a new record of $3.91 billion, significantly boosting investor confidence

XRP (Ripple's native cryptocurrency) has recently reached a historic milestone, with its futures open interest soaring to $3.91 billion. According to data cited by Wu Blockchain from CoinGlass, XRP's trading activity has seen a significant increase, indicating a growing confidence among investors.

Active performance in the futures market

Currently, XRP futures positions are mainly concentrated on three major exchanges, with Binance leading at 535 million contracts, accounting for 32.04%; Bybit follows closely with 524 million contracts, making up 31.27%; Bitget occupies the third position with 327 million contracts, accounting for 19.55%.

Drivers of XRP's growth

This surge in trading reflects strong market participation, with increasing attention towards XRP from both retail and institutional investors. Several factors are driving this growth, including Ripple's positive legal progress, the launch of the stablecoin RLUSD, and XRP's growing popularity in cross-border payments.

Active performance in the derivatives market

The derivatives market for XRP is also very active, with trading volume surging by 289% to $60 billion, while open interest increased by 17.5%, surpassing $3.9 billion. Options trading also saw growth, with trading volume rising by 17.41% to 40,100 contracts, and open interest increasing by 16.20% to $9.9233 million.

Market sentiment and liquidation situation

Within 24 hours, the long-short ratio of XRP futures is close to 1, indicating a balanced market sentiment. In the XRP/USDT pair on Binance, bullish sentiment is strong, with an account long-short ratio of 1.592 and a position long-short ratio of 2.723. Liquidation activity is very active, with a total of $70.03 million liquidated in the past 24 hours, of which short liquidations accounted for the majority, reaching $44.41 million.

With XRP's strong performance, analysts believe that XRP may break the $3 mark in the coming weeks. According to various forecasts, XRP's price may fluctuate between $1.59 and $4.37, with an average target price of $2.72. Some predictions even suggest that by early 2025, driven by potential political changes (such as a new government under Donald Trump), XRP's price could rise to $5.34.