XRP Open Interest Soars to $5B as ProShares ETF Buzz Fuels Bullish Momentum

Sean Williams
Ripple XRP

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Key Takeaways:

  • XRP open interest surged to nearly $5 billion, signaling heightened trader engagement.
  • ProShares’ XRP ETF listing on DTCC suggests approval may be nearing, echoing Bitcoin ETF trends.
  • Regional demand from South Korea and ETF speculation could be the catalysts for XRP’s next major rally.

XRP is back in the spotlight as open interest (OI) in its futures market has soared to a multi-month high, driven by speculation surrounding a potential ProShares XRP ETF. Combined with growing institutional interest and historical market parallels, analysts suggest a bullish rally could be imminent.

XRP Open Interest Climbs to $5 Billion

According to data from Coinglass, XRP futures open interest recently touched 800 million XRP before settling at 743 million—marking a 33% increase since June 22. In dollar terms, this puts XRP’s open interest near the $5 billion mark, a level not seen since January 2024.

XRP Price Chart - Coinglass
Source: Coinglass

Open interest reflects the number of active derivatives contracts and is a key metric of trader sentiment. The recent spike suggests that traders are positioning themselves in anticipation of a significant price movement. Curiously, XRP’s spot price has remained stable, signaling a potential disconnect between derivatives and spot markets.

South Korea Holds the Line as Global XRP Flow Varies

Despite strong activity in futures markets, XRP’s spot price has stayed largely flat. Analysts attribute this to regional trading dynamics. On Upbit, South Korea’s largest exchange, XRP inflows have remained strong, while other major exchanges saw net outflows totaling approximately $8.82 million.

This regional imbalance could add volatility to XRP’s price in the short term, especially if global demand begins to align with South Korea’s bullish stance.

ProShares ETF Momentum Sparks Bullish Sentiment

Fueling market optimism is news that ProShares’ XRP ETF has been added to the DTCC platform, often a precursor to U.S. exchange trading. Although the ETF has not yet been approved by the SEC, similar moves with Bitcoin ETFs have previously indicated that regulatory approval may be imminent.

Adding to the bullish backdrop, Donald Trump’s Truth Social platform has filed for a new multi-asset crypto ETF. Notably, the fund proposes a 2% allocation to XRP, alongside larger stakes in Bitcoin, Ethereum, and Solana.

Also Read: XRP Eyes $3 Breakout as Price Reclaims Key Support—Can Bulls Clear $2.36 Barrier?

Market experts have also pointed out similarities between current conditions and those that preceded XRP’s major rally in November 2024. The market spread now stands at 6.14%, mirroring historical levels that led to strong upward price action.

These technical patterns, combined with institutional momentum, have many traders anticipating a breakout in the near term.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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