$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.