With $10B in Futures OI, XRP Pushes Closer to Its Historic $3.40 High

XRP Nears Record High as Futures Open Interest Hits Highest Level Since 2021

XRP surged to $3.30 during Wednesday’s Asian trading session, closing in on its 2018 all-time high of $3.40. The token has gained over 10% in the past 24 hours and 34% over the past week, driven by strong momentum in both spot and futures markets.

Futures open interest jumped to $9.98 billion, a 26% increase within 24 hours, marking its highest point since 2021. Elevated funding rates indicate traders are aggressively adding long positions, even as technical indicators suggest short-term overbought conditions.

This surge in price alongside rising open interest signals robust bullish sentiment and expectations for further gains.

On-chain data from WhaleTrace reveals that large holders have accumulated more than 2.2 billion XRP in the last two weeks. This buying surge coincides with key catalysts such as the upcoming launch of leveraged XRP ETFs in the U.S. and Grayscale’s decision to add XRP to its Digital Large Cap Fund.

Despite a 4-hour RSI remaining above 80 since Tuesday—typically a sign of potential short-term exhaustion—the rally remains supported by strong volume. Traders now target the $3.50 to $3.84 range as the next resistance zone, according to CoinDesk Analytics.