- XRP futures open interest hit $800M on July 7, highest since Jan 19.
- Binance top trader ratio at 1.90 favors long positions.
- Funding rates remain positive; Deribit call option activity increases.
XRP futures open interest surged to a five-month high on July 7, reaching $800 million. This development marked the highest level since January 19. Alongside the rise in open interest, the XRP/USDT perpetual market showed a positive funding rate, reflecting a clear preference for long positions among traders.
Data from Coinglass further confirmed this trend, with the top trader long/short ratio at 1.90 on Binance, pointing to a growing bullish bias. Meanwhile, Deribit’s options market also revealed increased interest in buying higher strike XRP calls. These trends reflect a surge in derivative activity concentrated within a narrow price range.
Open Interest Reaches Multi-Month High
According to data from Coinglass, XRP futures open interest in USD terms sharply climbed in early July. The value spiked to nearly $800 million, aligning with a parallel price move that pushed XRP towards the $2.30 range. This marked the highest open interest level since mid-January. The steep increase followed a long period of relatively flat open interest between March and late June.
Notably, the chart highlights a recurring alignment between price action and open interest, especially during previous surges seen around October and December. This similarity to past spikes may provide insight into current sentiment. Additionally, the latest price action remains within a sideways structure, showing a potential buildup rather than explosive volatility.
Traders Favor Long Exposure
According to the chart from TradingView, open interest in coin terms rose to nearly 755 million XRP, the highest since early January. This has been rising through various sessions, culminating in July 7. This is when the cryptocurrency XRP had a stable price of approximately 2.27 dollars, with the open interest rising during this period.
The financing rate part of the same chart was persistently negative implying traders were paying to cover long exposures. This positive funding bias has held for multiple sessions, reflecting demand for leveraged bullish positions. The combination of steady prices and rising long interest typically points to increased speculative positioning rather than sharp price instability.
XRP Options Activity Rises with Bullish Call Buying
Outside of the futures market, Deribit’s XRP options desk also recorded higher activity. As of last week, traders aggressively purchased higher strike call options, indicating expectations for upward movement. This activity paralleled the increase in open interest across futures markets, reinforcing the current upward sentiment.
Open interest data shows synchronized growth in USD and coin terms. This consistent trend, combined with positive funding rates and options market activity, provides a view of the broader trader response ahead of critical technical levels.
