$XRP has been able to sustain momentum since it recently achieved a major price breakout, trading steadily in the green zone, but it appears that this rally may be drawing near its end.
While the $XRP spot market has remained bullish, latest data from crypto analytics platform CryptoQuant suggests that this may no longer be the case for its derivatives market.
$XRP leading altcoin season?
The broader crypto market recovery seen recently has triggered an addition of over $183 billion to the total altcoin market capitalization in just a few days.
While this represents a 20% increase in the altcoin market cap, a CryptoQuant analyst revealed that $XRP was one of the biggest beneficiaries of the surge, as it also skyrocketed by about 70% during the same period.
Nonetheless, it appears that the massive $XRP price rally has attracted a lot of speculative activity from traders, especially in the derivatives market.
While this was most notably noticeable on the world's largest cryptocurrency exchange, Binance, the data showed that $XRP's net taker volume on the exchange has recorded its strongest selling pressure since the beginning of 2026.
Per the data, $XRP's sell-side dominance has surged to about $96 million, suggesting that traders are increasingly aggressively betting against its recent surge.
$XRP OI soars 14.8% on Binance
While the metric flashes a bearish signal for $XRP and also threatens the continuity of its price rally, it also shows that the $XRP derivatives market is becoming more active.
Amid the rising selling pressure in the $XRP derivatives market, data shows that $XRP's Open Interest has increased by about 14.8% on Binance alone.