XRP traders are cranking up the leverage, sending futures activity through the roof and putting the token back in the spotlight just days after Ripple scored a decisive legal win. Data from Glassnode shows XRP futures volume has exploded 208% in the past 24 hours to $12.4 billion, leapfrogging Solana’s $9.6 billion.
Open interest, the total value of active contracts, is now at $5.9 billion, up 15% from the day before. Funding rates are firmly in positive territory, a sign that most of the money is betting on higher prices. It’s a bullish stance, but one that also leaves the market dangerously exposed if momentum falters.
Big Win for XRP
The timing isn’t a coincidence. Earlier this week, Ripple and the U.S. Securities and Exchange Commission agreed to drop their remaining appeals, finally closing the books on a lawsuit that has loomed over XRP since 2020. The legal closure has unleashed a wave of optimism and a rush of speculative positioning.
On spot markets, XRP is holding around $3.35, up roughly 8% in the past day and nearly 12% over the week, with daily trading volumes topping $11 billion. Charts show the token trading above key moving averages, and some analysts say it could make a run toward $3.75 or even $4.00 if buying pressure holds. Support around $3.00 remains the line in the sand for bulls.
Not everyone is convinced the rally has staying power. With funding rates this high, you’ve got a market that’s lopsided toward longs. If the price turns, the unwind could be brutal. Meanwhile, Coinbase is going to roll out nano XRP perpetual futures on August 18. This move will give institutional players another way to trade the token.
That extra liquidity could help sustain the rally. It may also make the eventual reversal even sharper. For now, XRP is riding a wave of momentum in the market. Whether this rally has real legs or is just another burst of leveraged hype will come down to how traders react when the market throws its first curveball.
