XRP News Today: XRP Surges 11% in 24 Hours as Open Interest Hits $4.75 Billion

XRP, the cryptocurrency associated with Ripple, has shown significant movement in recent days, breaking out of a "pennant" pattern on its weekly chart. This pattern is typically associated with strong upward momentum, suggesting a potential rally to $3.20 or higher. The breakout was confirmed when the price moved above the pennant's descending trendline at $2.21 on July 3, 2025.

Several positive developments have contributed to this bullish sentiment. Ripple's application for a US banking license, the SEC's approval of Grayscale's Digital Large Cap Fund conversion into a spot ETF, and the recent partnership with OpenPayd have all fueled optimism. Additionally, the elevated odds of a spot ETF approval have added to the positive outlook. These factors, combined with the increasing open interest in XRP futures, signal a growing interest from institutional investors, which is generally seen as positive for liquidity and trading capital.

The open interest in XRP futures has surged 11% over the last 24 hours and 30% over the last 10 days, reaching $4.75 billion. This increase in open interest indicates a return of derivatives traders and a growing interest from institutional investors. Historically, significant leaps in open interest have preceded major rallies in XRP price. For instance, during the period when US President Trump announced a 90-day tariff pause, there was a 91% jump in open interest to $5.75 billion from $3 billion, accompanied by a 65% rise in XRP price to a high of $2.65 from a low of $1.61.

Currently, XRP’s long/short ratio across all exchanges is skewed toward bullish positions at 68%. While this introduces long liquidation risk, it underscores rising confidence in XRP’s upside potential. The XRP/USD pair is expected to resume bullish momentum after breaking out of a multimonth pennant. The target for this rally is set by the largest distance between the pattern’s upper and lower boundaries, which comes to be around $3.20, or a 40% jump from the current price.

Pseudonymous analyst Best Analysts shared a chart showing XRP trading closer to the upper boundary of a “bull pennant” on the daily chart with an upside target of $3.40. Several analysts have also predicted XRP’s short-term price target above $3, citing various factors. However, it is important to note that these predictions are based on analyst forecasts and do not guarantee actual price movements. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.