Data from the Binance platform indicates a notable rise in the average open interest for XRP futures over the past 30 days, with the 30-day average (AVG 30) reaching an eight-month high of approximately $511 million This increase reflects a rise in the average volume of open positions during the recent period, signaling a relative expansion in derivatives market activity and position accumulation compared to previous months. However, a higher average does not necessarily indicate a bullish market trend, as open interest measures the total number of outstanding contracts without distinguishing between bullish and bearish positions.

Conversely, daily open interest has declined to approximately 467 $ million with XRP trading at around $1.41. This discrepancy indicates that current open interest is below the 30-day average, potentially reflecting the closure of some existing positions or a slowdown in the opening of new ones. Thus, the fact that the monthly average has reached an eight-month high while current daily open interest remains below that average suggests that the activity driving the average higher in recent weeks has not been sustained at the same level in the latest reading.

This trend is consistent with the XRP Open Interest Z-Score (30-day rolling), which stands at approximately -0.99, indicating that current open interest is roughly one standard deviation below its 30-day average. This reading reinforces the view that open interest has declined relative to its recent average, even as the monthly average remains elevated.

Written by Arab Chain