XRP Open Interest Surges Across Exchanges, Hits 3-Month Peak on Bybit

XRP Open Interest has surged across multiple exchanges despite the ongoing price struggles, reaching a 3-month peak on Bybit.

XRP remains under pressure, falling 5.7% in August and 45.6% this year. However, on-chain data shows that open interest in XRP derivatives has started to rise across major exchanges, with Bybit reaching a three-month peak.

XRP Open Interest Spikes on Bybit and Binance

On Aug. 12, Bybit’s 30-day open interest change reached +54 million XRP, almost matching the +54.5 million XRP recorded on May 21. 

The latest figure sits less than 1% below that previous peak, which puts Bybit near its strongest open-interest growth level in recent months. This rise is important to note because it comes while XRP continues to trade close to recent lows.

Binance also recorded a rise, with the 30-day XRP open interest increasing by 29.5 million XRP. Together, Bybit and Binance added about 83.5 million XRP to their 30-day open interest.

The distribution of this growth has changed from earlier months. On June 6, Binance recorded the larger increase, with its 30-day open interest rising by 70.4 million XRP. Bybit has now taken the lead in the latest data, showing stronger growth than Binance.

The figures also measure open interest in XRP rather than U.S. dollars. This means the increase reflects a larger amount of XRP tied to derivatives positions, not a higher dollar value caused by a rise in XRP’s price.

Derivatives Activity Grows Amid Rise in Short Bias

XRP currently trades at $1.002, which leaves it below its early-year levels. The fact that open interest is rising while the price remains weak shows a difference between XRP’s price performance and derivatives activity.

The latest data suggests that traders are rebuilding derivatives positions as XRP remains near recent lows. This could become important if the token makes a strong move in either direction. However, broader futures data shows that the overall increase in open interest remains limited.

According to Coinglass, XRP’s total futures open interest rose just 0.44% over the past 24 hours, reaching $2.71 billion at press time. Options activity, however, has moved at a much higher pace, with options volume jumping 137% to $1.18 million over the same period.

Futures trading volume has weakened despite the increase in options activity. XRP’s futures volume fell 20.56% to $1.27 billion over the past 24 hours, showing that traders have not increased activity evenly across the derivatives market.

The long/short ratio also confirms a slight bearish tilt. XRP’s long/short ratio fell to 0.9646, moving below the 1.0 level and showing that short positions currently have a small advantage over long positions.