I noticed an interesting pattern with XRP — it seems that open interest in futures is not just a number but a real indicator of trader sentiment. Currently, XRP is trading around $1.30, down approximately 39% over the year. Meanwhile, open interest has fallen to $2.29 billion. I remembered how in early 2021, XRP jumped from $0.50 to $2, and open interest increased fourfold — from $500 million to $2 billion. When the market reversed later, both indicators declined together.

An even more striking example was after the US elections at the end of 2024. XRP soared from $0.50 to $3.40 by January, and open interest hit a record of $7.76 billion. Macro factors like the ипц 2024 and political decisions clearly influence crypto market sentiment. Then, in June-July 2025, I saw another rise — XRP climbed to $3.60, and open interest surged to $10.94 billion. But as soon as the momentum weakened, everything started to decline.

The point is that when traders see a price increase, they often open leveraged positions, which boosts open interest. This can amplify the trend, but also increases risk. Rapid expansion of interest during short-term rallies may indicate over-leverage and the likelihood of a sharp correction.

Right now, the situation suggests more of a lack of speculative interest than accumulation. Analysts say that for a recovery, we need not only price stabilization but also a sustained increase in open interest. Until then, open interest is just an additional tool for analysis, not a magic crystal ball. Of course, it’s important to look at this alongside other indicators and not rely solely on one metric.