XRP has once again become the center of trader speculation, with open interest (OI) surging to nearly $2.92 billion on October 5, 2025, according to data analyzed by Finbold from CryptoQuant.
The jump in leveraged positions comes as XRP trades at $2.99, brushing against the symbolic $3 threshold that has repeatedly acted as resistance throughout the year.
The chart shows how XRP’s open interest has moved in lockstep with price over the past 18 months. In late 2024, OI sat below $1 billion, even as the token hovered under $1.
As speculative flows poured in, OI climbed past $3 billion in early 2025, while XRP’s price spiked above $3.50. That build-up of leverage was followed by heavy liquidations, which sent OI tumbling back below $1.5 billion during mid-2025’s pullback.
XRP open interest. Source: CryptoQuantXRP open interest
For readers unfamiliar with the term, open interest refers to the total value of outstanding futures and perpetual contracts in the market. Unlike spot trading, where investors buy or sell the asset outright, futures and perpetuals allow traders to speculate with leverage, amplifying both gains and losses.
Rising open interest typically signals that more money is flowing into bets on future price moves, and sharp increases are often a precursor to volatility.
Now, open interest has rebounded once again, nearly touching those earlier peaks at $2.9 billion while price steadies just under $3. This dynamic underscores how traders are piling into leveraged bets at the exact levels where XRP has historically faced the most resistance.
What makes the current moment notable is the balance between price and leverage. Despite billions of dollars worth of contracts being opened, XRP has not broken above the $3 barrier. Instead, the token has hovered just below it, suggesting that bulls and bears are locked in a stalemate. Traders are clearly betting heavily, but neither side has yet forced a decisive breakout.
If XRP pushes through $3 with conviction, the size of open interest could act as fuel for a rally, forcing short sellers to cover their positions and driving the price higher. On the other hand, if the price slips back toward support around $2.90, heavily leveraged longs could face liquidations, which may cascade into further downside.
Source: https://finbold.com/xrp-open-interest-spikes-with-3-billion-bet/
