$4.87 Billion XRP OI in One Day: Will XRP Price Follow?

XRP's Open Interest Soars as Traders Position for Potential Price Movements

According to CoinGlass data, XRP's open interest (OI) has surged to $4.87 billion in the last 24 hours. Open interest represents the total number of outstanding futures or options contracts and serves as a key indicator of market sentiment toward the cryptocurrency.

This development comes as XRP continues its consolidation phase, with traders actively positioning themselves for potential price action. The digital asset has been trading within a narrow range between $2.65 and $2.26 since early May, with two failed attempts to break through the $2.65 resistance level.

At the time of reporting, XRP was testing the lower boundary of this range, down 1.58% to $2.27 amid slight selling pressure across crypto markets. This movement occurred ahead of Wednesday's Federal Reserve minutes release, which saw $203 million in liquidations.

Market watchers are closely monitoring whether XRP can maintain support above its key daily moving averages at $2.23 (50-day) and $2.26 (200-day). A decisive break above $2.65 could trigger fresh bullish momentum with potential targets at $3 and $3.40. Conversely, $2 remains critical support should prices decline further.

SEC Examines WisdomTree XRP Trust Spot ETF Proposal

The U.S. Securities and Exchange Commission has initiated a formal review of WisdomTree's proposed XRP Trust, a spot exchange-traded fund that would provide direct exposure to XRP for investors.

Submitted by Cboe BZX exchange, this marks the SEC's first official evaluation of a U.S.-based XRP spot ETF. Approval would establish the first XRP ETF in the United States, potentially opening doors for similar crypto investment products.

Polymarket currently shows 84% odds favoring ETF approval by December 31. In related developments, Ripple's Chief Legal Officer Stuart Alderoty revealed the company has submitted an additional letter to the SEC's Crypto Task Force. This communication addresses a fundamental question from Commissioner Hester Peirce's "New Paradigm" speech regarding when a digital asset becomes distinct from an investment contract.