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$XRP has continued to show heavy price declines amid the broad crypto market downturn, retesting levels not seen in the past few months.
However, the $XRP derivatives market has flashed a brief sign of recovery as its open interest has suddenly turned green among many other top crypto assets that have retained negative sentiment.
Data from CoinGlass showed that $XRP’s open interest has briefly surged by 1.27% over the last day, with over 1.92 million $XRP committed to active contracts over the period.
$XRP flips Bitcoin in futures market
The surge in the $XRP open interest comes as a surprise as other leading cryptocurrencies, including Bitcoin, have only recorded notable declines in open interest during the period.
While $XRP has seen a mild increase of 1.27% in its open interest during the period, Bitcoin, on the other hand, has declined by about 2.57% in open interest during the same period, suggesting increased optimism among investors for a possible rebound in $XRP’s price over that of Bitcoin.
With the surge in $XRP’s open interest coinciding with a notable decline in the trading price of the asset, it appears that the $XRP future traders are opening new positions to hedge against the market volatility rather than closing the existing positions.
$XRP retests $1.6 level
Amid the broad crypto market downturn, $XRP is seeing a heavy decline in its price.
While it has slumped by a massive 4.54% over the last day, the asset is currently trading at $1.67, a level not seen since 2025.
While the massive price decline has coincided with the brief surge in its open interest, investors are optimistic that a recovery in the price of the asset might be imminent.