XRP Funding Rates Soar 211% Amid Derivatives Surge

XRP funding rates surged over 200% in just 24 hours, as its price fell below $1 for the first time since November 2024.

The token's Open Interest (OI) rose by more than 7.6% to about $883.8 million, while its funding rate spiked to 0.03059, a significant increase from the previous day.

This sudden change in derivatives exposure suggests that traders have become more bullish on XRP, with many taking long positions and willing to pay fees to maintain them.

However, this bullish sentiment is tempered by XRP's price drop over the past 30 days, which has triggered liquidations of over $11.43 million in long trades.