Futures Market Heats Up With $10B in OI as XRP Climbs Toward $3.40 Peak

XRP Rallies Toward All-Time High as Open Interest Nears $10B

XRP continued its upward momentum on Wednesday, briefly touching $3.30 during Asian trading hours. The token has now gained over 10% in the past 24 hours and 34% over the last week, trading just 4% below its 2018 all-time high of $3.40.

Futures market activity has surged in tandem. Open interest climbed to $9.98 billion across major exchanges—a 26% increase in 24 hours—marking the highest level since 2021. Elevated funding rates suggest traders are aggressively adding long positions, despite signs of overheating in shorter timeframes.

Rising open interest alongside price typically indicates growing bullish sentiment and expectations of further upside.

Supporting the move is on-chain accumulation. WhaleTrace data shows that over 2.2 billion XRP has been acquired by large holders in the past two weeks. This coincides with bullish catalysts, including the pending launch of leveraged XRP ETFs in the U.S. and Grayscale’s inclusion of XRP in its Digital Large Cap Fund.

Technical indicators point to stretched conditions. RSI on the 4-hour chart has held above 80 since Tuesday—usually a sign of overbought territory. Still, price strength remains intact, supported by strong volume and sustained momentum.

According to CoinDesk Analytics, traders are now watching the $3.50–$3.84 range as the next key resistance zone.