XRP Open Interest Rises to $2.92B Amid ETF Inflow Expectations
Open futures positions on XRP have increased significantly this month, even as the token struggles to surpass the $3 mark.
- CryptoQuant data shows open interest at approximately $2.92 billion, while Coinglass reports a higher figure of $8.94 billion due to broader market coverage including platforms like CME.
- XRP’s open interest rose from $2.34 billion on September 25 to about $2.92 billion recently.
- The token's price moved from $2.74 to around $2.99, nearly a 10% increase, but trading volume fell by 10% over 24 hours to $5.76 billion.
- The discrepancy between CryptoQuant and Coinglass figures is due to different exchange coverage.
Speculators are building futures positions despite reduced spot trading, increasing market sensitivity to price swings. The psychological and technical resistance at $3 could lead to sudden volatility if a breakout fails.
Institutional optimism adds another layer to the market dynamics. Canary Capital CEO Steven McClurg predicts potential XRP ETF inflows could reach up to $10 billion, drawing parallels with early Bitcoin ETF launches.
- Projected demand for an XRP ETF could be $2–3 billion on the first day under favorable conditions.
- Discussions between the SEC and CFTC regarding crypto oversight may influence ETF approvals and market access.
- SEC commissioner Paul Atkins advocates for an “innovation exemption” to expedite certain approvals.
