XRP Open Interest Surges to Three-Month Peak on Bybit

XRP's open interest has reached a three-month peak on Bybit despite the token's ongoing price struggles. According to data from CryptoQuant, $XRP's open interest on Bybit rose by +54 million tokens on August 12, surpassing its previous peak of +54.5 million tokens recorded on May 21.

Binance also saw a significant increase in $XRP open interest, with the 30-day figure rising by 29.5 million tokens. Together, Bybit and Binance added around 83.5 million tokens to their 30-day open interest, marking a shift from earlier months when Binance led the growth.

The surge in open interest suggests that traders are rebuilding derivatives positions as XRP remains near recent lows. However, broader futures data shows that the overall increase in open interest remains limited, with $XRP's total futures open interest rising just 0.44% over the past 24 hours to reach $2.71 billion.

The long/short ratio also indicates a bearish tilt, falling to 0.9646 and moving below the 1.0 level, showing that short positions currently have a slight advantage over long positions.