XRP Derivatives Market Soars to 9-Month High Amid Price Surge
XRP's derivatives market has seen significant growth, surpassing two other popular tokens in open interest. The token's price surged to $1.62, a 7% increase, largely driven by futures buying rather than spot accumulation.
The surge in XRP futures open interest was rapid, reaching a 9-month high of $4.10 billion over a single 24-hour window. This growth was primarily fueled by derivatives positioning on exchanges such as CME and Binance.
CME's XRP futures open interest rose more than 16% to $756 million, while Binance's climbed 10% to nearly $700 million. The combined futures volume on these two exchanges reached about $9 billion, dwarfing the $2.2 billion recorded in spot trading over the same period.
Analyst Peter Brandt has predicted that XRP could rally towards $5 by next year, citing bull market momentum and chart patterns suggesting a potential break above that level.