Conclusion first: XRP has risen by about 7% over the past 24 hours, while total open interest in the derivatives market across the whole network has surged 18%, stacking up to $2.5 billion. Leverage is moving even faster than price.
All 19 exchanges added positions. Binance added the most, with holdings of 540 million—about two tenths of the total. Bybit and Hyperliquid added the hardest: they increased positions by 23% or more in a single day.
The direction of liquidation changed: In the past 24 hours, the whole network liquidated $283.9 million—86% of it was short positions. The ones who chased shorts yesterday already paid tuition. But in the last 4 hours, it flipped again: of the $2.1 million liquidated, 94% turned out to be long positions. The short-term traders who just rushed in are now getting cleared out.
Funding rates didn’t keep up: Binance, OKX, Bybit, and Gate all still stuck at the 0.01% benchmark bracket. Longs haven’t even crowded enough to get to a money-burning level.
The short positions have been squeezed out completely. The new longs have just taken over the market. The first wave of chase-buyers already got cut.
$XRP $BTC
Open interest surged by 18%—yet the funding rate hasn’t moved. Do you think XRP can keep climbing this round?
Check in real time: https://www.coinboss.com/currencies/XRP