XRP Futures Open Interest Hits 9-Month High Above $600M

XRP has seen a significant increase in investor interest, as its futures Open Interest (OI) has reached a nine-month high of over $600 million on Binance. This is the highest level since January this year, and it's getting close to XRP's yearly peak of $691 million recorded on January 5.

The rise in OI suggests that traders are opening new positions, not just adjusting existing ones, which is a positive sign for the market. The break above the $445 million average had kept derivatives activity within a narrow range before XRP moved above it at the end of August.

XRP's funding rate has also been trending positively, currently standing at 0.0001%. A positive funding rate means traders holding long positions pay traders holding short positions to keep their futures positions open.