Key facts
- XRP's futures open interest reached $2.60 billion, surpassing HYPE.
- The surge in open interest indicates growing conviction and capital flow from derivatives traders.
- Institutional appetite for XRP is driven by Ripple's partnerships, spot ETF inflows, and demand from derivatives.
- Spot ETFs saw renewed inflows, reaching $1.49 billion in cumulative net inflows.
- Whales accumulated 70 million XRP in the past week.
XRP has seen a significant increase in futures open interest, reaching $2.60 billion and surpassing the HYPE token. This surge indicates growing confidence among derivatives traders and renewed institutional engagement in the XRP ecosystem.
Data from CoinGlass shows XRP's perpetual and futures open interest climbed over 10% in the past 24 hours, reaching $2.60 billion. This rise contrasts with HYPE's open interest, which dropped more than 2.50% to $2.57 billion. HYPE had previously overtaken XRP in open interest after Kalshi launched CFTC-regulated perpetuals.
The momentum behind XRP is attributed to several factors, including Ripple's strategic partnerships with traditional finance and crypto firms like Mastercard, JPMorgan, and OKX, as well as increased inflows into spot ETFs. Jack McDonald, SVP Stablecoins at Ripple, discussed the company's institutional strategy and the adoption of RLUSD and XRP with Grayscale.
Spot ETFs have recorded renewed inflows, with cumulative net inflows reaching $1.49 billion and nearly $1 billion in assets under management, while the HYPE ETF saw significant outflows and has total assets under management of $301.34 million. Additionally, whales have accumulated 70 million XRP in the past week, contributing to price stability and the rise in futures open interest.