XRP OI Z-Score Flattens to Levels Before the 580% Surge to $3.4

The $XRP Open Interest Z-Score on Binance has now flattened below the zero mark amid a decline in derivatives activity.

Interestingly, historical data indicates that when this metric dropped so low in late 2024, what followed was an impressive 580% spike from $0.5 in November 2024 to the January 2025 high of $3.4. Could $XRP replicate a similar upward push this time?

Key Points

• The $XRP Open Interest Z-Score on Binance recently dropped below the 0 mark, reaching a negative value.
• When the metric collapsed below 0 in late 2024, what followed was an impressive price surge.
• During this period, $XRP rallied 580% from $0.5 in November 2024 to $3.4 by January 2025.
• A similar gain from the current price of $1.39 would push $XRP above $9.
• While the OI Z-Score dropped to lower levels earlier in the year, an upward surge did not follow.

$XRP Open Interest Z-Score Flattens on Binance

Market commentator Greg Miller called attention to the recent decline, citing data provided by CryptoQuant’s Arab Chain. Specifically, data confirms that by April 25, the $XRP Open Interest Z-Score on Binance had dropped to -0.16 over the last 30 days, sustaining a trend of negative values that began the previous day.

For the uninitiated, a drop in the $XRP Open Interest Z-Score on Binance means open interest has fallen below its normal range on the world’s largest crypto trading platform, showing that fewer leveraged positions are active. This usually comes from traders closing positions and reducing risk.

“Speculation is washed out. Leverage is gone. The market is reset,” Miller said, speaking on the recent development. According to him, phases like this tend to lead to the start of a new trend.

Notably, when the metric drops to such lows, confirming a period of de-risking among traders, it can lead to a “reset” as the market becomes more neutral and prepares for the next phase. This typically gives the market a chance to trigger renewed bullish momentum if there’s enough buying pressure.

Historical Data

Miller cited historical data to prove his point. Specifically, he pointed out that when the $XRP derivatives market witnessed a similar compression on Binance, the $XRP price rallied from $0.5 to $3.40.

For context, this trend played out between late 2024 and early 2025. Notably, at the start of November 2024, the $XRP Open Interest Z-Score on Binance started recording an observable decline. The metric collapsed to -0.27 on Nov. 3, 2024, and then dropped further to -0.58 the next day. During this period, the $XRP price stood at $0.50.

Interestingly, this coincided with President Donald Trump’s victory in the U.S. election, which resulted in renewed interest among traders. The OI Z-Score picked up shortly after, alongside an $XRP price spike. By January 2025, the $XRP price had soared to a high of $3.4, representing a 580% increase from the $0.50 level in November 2024.

Could Another $XRP Rally Play Out?

Currently, $XRP changes hands at around $1.39 after pulling back from the $1.43 high. To put things into perspective, a similar 580% increase from the current levels would push $XRP’s price to $9.4, marking a new all-time high.

However, this remains highly speculative at press time. There’s no guarantee that $XRP would see another upward push this time, as multiple factors beyond the low OI Z-Score would have to align for such a rally. Notably, the metric dropped to lower levels in late January 2026, but $XRP lacked the necessary buying pressure to stage a rally.