XRP has seen its open interest explode by more than half in the month of July so far, as the price moves to turn $3 into support. Not only has the growth in July been exponential, but it has also sent the open interest barreling toward the all-time high levels that were set back in January 2025. Given that the price climbed rapidly with the open interest early this year, it is possible that this is only the start for the XRP price, and the uptrend could continue.
XRP Open Interest Hits $8 Billion Levels
After a long consolidation that spanned years, the XRP open interest had begun to surge back in November 2024, and this continued into 2025. By January 2025, the open interest surged above the $8 billion level for the first time in history to set new all-time highs. While the XRP price did not hit new all-time highs at this time, it also cleared the $3.2 level as it followed the trajectory of the open interest.
Following the drive to new peaks earlier in the year, the XRP open interest fell once again, trending below the $5 billion mark for a few months. This saw the price enter into another consolidation that has now been broken in the month of July.
According to data from the Coinglass website, the open interest is sitting at approximately $8 billion, less than $400 million shy of the $8.33 billion that was recorded back on January 18. At the same time, the XRP price has also rallied, stopping short of $3 as bulls look to turn this resistance level into support in the coming weeks.
If the open interest does continue to rise, then the XRP price is expected to keep going. It is currently only 23% below its all-time high of $3.84 recorded back in 2017, so a repeat of January’s price push could put the altcoin at new all-time highs.
Volumes Show Next Steps
Another bullish development for the XRP price has been the rise in the trading volume. Coinglass data shows that the daily trading volume spiked by 200% to touch $35 billion on July 12, and while there has been a slowdown since then, the daily trading volume remains high at an average of $16 billion over the last few days.
There has also been dominance in the market from South Korean crypto exchange Upbit, which has accelerated to command the second-highest volume for XRP, second only to Binance. Upbit’s volume for the altcoin over the last seven days has risen above $3.8 billion, to beat out Coinbase and Bybit.
Of the top 5 exchanges leading in terms of volumes, Upbit is the only crypto exchange that has seen positive net flows of $131.4 million. Meanwhile, the likes of Binance, Coinbase, OKX, and Bybit have seen negative net flows during this time, signaling that there is more buying going on on Upbit.
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