Binance XRP Open Interest Soars, but Bearish Pressure Lingers

XRP has been struggling to recover from its recent price correction, falling back towards its multi-year low of $0.98.

Despite this weakness in the XRP price, activity in the cryptocurrency's derivatives market has surged on Binance.

Data from CryptoQuant shows that XRP open interest on Binance increased by approximately 28.6% in two weeks, climbing from around $181 million on August 3 to $232.7 million by August 17.

This surge in derivatives activity is often seen as a bullish signal, but the data suggests it may have more to do with aggressive bearish positioning than renewed demand from XRP buyers.

The change in XRP open interest on Binance moved from roughly negative $40 million on July 29 to positive $38.9 million by August 17, indicating traders opening new positions throughout August.