XRP is looking interesting this time around. On the 15m chart, volume is up 1.86x, breaking above the range high of the past 20 5m candles, with a 5.9% net aggressive buying imbalance. It looks lively. But look closely at open interest: 15m OI actually fell 0.09%, while 1h is barely up +1.76%—price is rising, but OI isn’t following. That’s a classic short-covering pattern, not fresh longs entering.
The funding rate is sitting in a high recent percentile, the OI anomaly percentile is 86.9%, and the notional change across the entire pool ranks 6th. I generally wouldn’t chase this kind of setup: a squeeze-driven rally can easily fizzle once the covering is over. Let’s see if OI picks up again first.
The funding rate is sitting in a high recent percentile, the OI anomaly percentile is 86.9%, and the notional change across the entire pool ranks 6th. I generally wouldn’t chase this kind of setup: a squeeze-driven rally can easily fizzle once the covering is over. Let’s see if OI picks up again first.