XRP futures activity on Binance surged on July 23, with open interest hitting 440.6 million XRP, comfortably above the 30-day moving average of 418.5 million, according to CryptoQuant data.
The 30-day Open Interest Z-Score for XRP futures on the exchange reached roughly 1.60, a reading that signals current positioning is well above typical monthly levels. That kind of reading follows months of cautious trading across crypto derivatives markets, where volatility kept many traders on the sidelines.
Spot market yet to catch up
XRP itself is trading near $1.14, stuck at local lows. Spot volumes haven't matched the enthusiasm visible in the futures book, which is a notable gap. Analysts read that divergence as a possible coiling mechanism: rising open interest without a corresponding price move can precede a sharp directional break in either direction.
If buyers step in on the spot side and price starts climbing in line with the OI build-up, that could reinforce bullish conviction and bring in sustained buying pressure. A futures-driven spike alone, without spot follow-through, has faded before.
This article is for informational purposes only and does not constitute financial advice. Crypto markets are volatile; always do your own research before making investment decisions.
