Alert: XRP Open Interest Surges to 79M Across Major Exchanges Amid Price Stall – What This Means

What to know:

• Binance and Bybit added nearly 79 million XRP leveraged positions.
• Binance perpetual sellers increased pressure despite rising XRP spot accumulation activity.
• XRP liquidation data showed leveraged longs absorbed the strongest market losses recently.

CryptoQuant analyst Amr Taha revealed that XRP derivatives activity recorded its strongest expansion since March as Binance and Bybit added nearly 79.6 million XRP in open interest within a single trading session.

The sudden increase in leveraged positioning emerged while XRP traded near the $1.35 region, placing the value of the newly opened positions above $107 million across both exchanges and signaling that speculative activity had returned aggressively to the XRP derivatives market.

According to data shared by Taha, the recent buildup represented one of the largest XRP open interest expansions recorded in recent months, particularly during a period where price movement remained relatively compressed despite the growing amount of leverage entering the market.

Binance and Bybit Lead Massive XRP Open Interest Expansion

Binance added approximately 25.6 million XRP in open interest during the May 22 trading session, while Bybit contributed nearly 54 million XRP during the same period, bringing the combined increase to around 79.6 million XRP as the asset traded close to the $1.35 level.

Another major increase followed on May 26 as Binance open interest climbed by an additional 28.9 million XRP, while Bybit added roughly 42.9 million XRP, pushing the combined increase to nearly 71.8 million XRP worth almost $96 million at prevailing market prices.

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The CryptoQuant charts showed that this represented the strongest XRP derivatives expansion since March 16, although XRP price continued trading within a relatively narrow range near the $1.34 region instead of responding with a sustained upward breakout alongside the rising leverage.

Taha explained that open interest growth alone does not determine whether traders expect bullish or bearish continuation because additional market metrics are necessary to identify the dominant positioning trend across futures markets.

Source: CryptoQuant

Binance perpetual CVD dropped toward negative $641.9 million, marking the lowest reading visible on the chart and indicating that aggressive futures sellers continued opening heavy sell-side positions while leverage expanded steadily across major exchanges.

Meanwhile, All CEX Estimated Spot CVD climbed toward $397.3 million, exceeding levels recorded during the second half of April and reflecting stronger spot accumulation activity across exchanges despite the persistent bearish positioning visible within perpetual markets.

This divergence created a split market structure where spot buyers continued accumulating XRP while perpetual traders maintained increasingly defensive positioning through futures contracts.

What This Means

Liquidation metrics added another important layer to the developing market structure after XRP long liquidations reached approximately $5.44 million on May 23, marking the highest level recorded since February 5, when long liquidations exceeded $8.2 million during a previous wave of market volatility.

The liquidation chart also showed that recent pressure continued affecting bullish leveraged traders more heavily than short sellers, indicating that derivatives markets still reflected caution even as spot accumulation activity strengthened steadily across exchanges.

Taha noted that sustained spot demand combined with deeply negative perpetual positioning could eventually increase squeeze potential if XRP begins establishing stronger upside momentum, although current market conditions still show leverage returning before the asset confirms a sustained breakout structure.

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