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

XRP (the native cryptocurrency of Ripple) has recently reached a historic milestone, with its futures open interest soaring to $3.91 billion. According to data from CoinGlass cited by Wu Blockchain, XRP's trading activity has significantly increased, indicating a gradual rise in investor confidence.

Active performance in the futures market

Currently, XRP futures positions are mainly concentrated in three major exchanges, with Binance leading at 535 million contracts, accounting for 32.04%; Bybit follows closely behind with a share of 31.27% and a position volume of 524 million contracts; Bitget ranks third with 327 million contracts, accounting for 19.55%.

Drivers of XRP's growth

This surge in trading reflects strong market participation, with both retail and institutional investors increasingly focused on XRP. Several factors have driven 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 289% to $60 billion, open interest increasing by 17.5% to surpass $3.9 billion. Options trading has also seen growth, with volume rising 17.41% to 40,100 trades and open interest increasing by 16.20% to $9.9233 million.

Market sentiment and liquidation situation

Within 24 hours, the long-to-short ratio for XRP futures is close to 1, indicating balanced market sentiment. In the XRP/USDT pair on Binance, bullish sentiment is strong, with an account long-to-short ratio of 1.592 and a position long-to-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 through 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. There are even predictions 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.