XRP Climbs Toward 2018 High as Futures Open Interest Surges
XRP advanced to $3.30 in Wednesday’s Asian session, nearing its 2018 all-time high of $3.40. The token has risen more than 10% in the last 24 hours and 34% over the past week, buoyed by strong activity in spot and futures markets.
Futures open interest soared to $9.98 billion, up 26% in a single day, marking the highest level since 2021. Elevated funding rates indicate traders are aggressively building long positions, despite short-term overbought signals.
This simultaneous increase in price and open interest reflects growing bullish sentiment and expectations of continued upside.
On-chain data from WhaleTrace shows large holders have accumulated over 2.2 billion XRP in the last two weeks. This surge in accumulation coincides with major developments such as the upcoming launch of leveraged XRP ETFs in the U.S. and Grayscale’s inclusion of XRP in its Digital Large Cap Fund.
Although the 4-hour RSI has stayed above 80 since Tuesday—typically signaling short-term exhaustion—the rally remains supported by strong volume. Analysts from CoinDesk now eye the $3.50 to $3.84 range as the next key resistance zone.
