Massive XRP Trading Volume Surges: Is a Price Breakout Imminent?

Ripple (XRP) Sees Surge in Open Interest as Crypto Market Rebounds

The crypto market has shown positive momentum among major cryptocurrencies, with Ripple (XRP) joining the upward trend. Data from CoinGlass reveals that XRP's open interest reached 1.8 billion XRP as of June 3, reflecting growing investor confidence in the long-term prospects of the third-largest cryptocurrency by market cap.

XRP derivatives trading volume has climbed to $4.09 billion in the past 24 hours, marking a 5.21% increase. This uptick highlights shifting market sentiment and demonstrates investors' willingness to position themselves for potential price movements.

Binance leads in XRP open interest at 18.81%, followed by Bybit at 17.01%. The rising open interest suggests derivatives traders are returning to the Ripple network, potentially setting the stage for upward price action.

This surge coincides with a broader crypto market rally, where Bitcoin and other major cryptocurrencies have posted significant gains. XRP has followed suit, registering a 3.62% price increase over the past day.

After dipping to $2.09 last week, shifting market sentiment has propelled XRP above $2.20 within days. Currently trading at $2.25, the token shows a weekly decline of 2.83% despite today's positive movement.

While XRP remains 41% below its all-time high of $3.84 from January 2018, investors remain optimistic that sustained bullish momentum could push the token to new record levels.