XRP Futures Open Interest Hits Record $2.11B as Price Surges to $1.16 in a Bullish Run

• XRP Futures Open Interest reached $2.11B, signaling heightened market activity and trader interest on major exchanges.
• Bybit and Crypto.com lead XRP Futures Open Interest with $666.79M and $673.22M, highlighting concentrated trading activity.
• XRP’s price recovery to $1.16 aligns with strong technicals, as the 50-day EMA at $0.86 indicates sustained bullish momentum.

On November 18, 2024, XRP Futures Open Interest on major exchanges hit an all-time high of $2.11 billion, according to market data. This new high highlights significant market activity as the XRP token trades at $1.16, a recovery from lower levels earlier this year. The surge in open interest aligns closely with increased market participation and price volatility observed throughout 2024.

Rising Open Interest and Exchange Activity

XRP Futures Open Interest saw notable growth in mid-2024, with peak levels reaching $2.38 billion during periods of heightened trading. This growth was primarily fueled by major exchanges, including Bybit, Binance, and Crypto.com.

Bybit currently leads with $666.79 million, followed closely by Crypto.com with $673.22 million and Binance with $595.07 million. Smaller contributions stem from platforms like Bitget, reporting $447.29 million, and OKX, with $126.01 million. These figures underline the concentration of speculative activity across a few key exchanges.

XRP Price Movements and Market Trends

During the same period, XRP’s price fluctuated significantly, ranging between $0.47 and $1.71. Notably, on November 18, the token traded at $1.16, reflecting a bullish momentum. This price recovery follows surges in April and July, which coincided with increased open interest. 

Price volatility often mirrors trading activity, with key resistance seen near the $1.71 mark, the token’s recent peak. Current trading levels suggest robust support around $1.00 to $1.10, critical for sustaining the upward trend.

Indicators Signal Potential Price Movements

Technical indicators show XRP is on a strong upward movement. The 50-day EMA, currently at $0.86, remains well below the trading price, suggesting sustained bullish trends. The 200-day EMA at $0.65 supports this momentum, with a widening gap between these averages. 

Additionally, the Relative Strength Index (RSI) stands at 69.97, nearing overbought territory, indicating potential for short-term consolidation. XRP’s recent parabolic price movement highlights a potential resistance zone around $1.20, where past gains have slowed.