$XRP Hovers Near Key Level as $171M Open Interest Influx Sparks Volatility

The $XRP derivatives market has seen an unusual surge in open interest, rising by $171.74 million or 20.46% in just one hour, according to CryptoQuant analyst Maartunn.

This sudden influx of capital puts the token in a make-or-break situation as it hovers near the crucial psychological level of $1.00.

Market participants are divided ahead of a key macroeconomic report, with some short-term traders viewing the spike as preparation for a breakout, while others believe it signals an influx of new sellers opening short positions in anticipation of further losses.

Large investors are actively accumulating $XRP, with whale addresses acquiring over 380 million $XRP and holding approximately 13% of the token's total market supply.