XRP key price metric up by 300% in 2025 as the altcoin hits new all-time highs

There has been an increase of $6 billion in XRP open interest since the start of the month as the altcoin reaches new all-time highs.

For the first time since 2017, XRP has entered a price discovery period at $3.29. For the second time in its existence, the altcoin has shown a three-month uninterrupted green candle, with the current run significantly more significant than the one from March to May 2017. While the altcoin has reached a new all-time high on several exchanges, a break over $3.40 would confirm a definitive all-time high. 

XRP’s open interest rose by $6 billion in 16 days

XRP’s open interest (OI) has achieved a new all-time high of $7.9 billion, up by 27.34% in the last 24 hours. CoinGlass data show that futures activity has doubled at the same time, reaching $42.87 billion. 

Since January 1, XRP’s open interest has risen by 300%, from $1.92 billion at the start of 2025. The prevailing belief here is that the futures market has played a significant role in XRP’s rapid growth. However, this has not been the case. Dom, an on-chain analyst, continued to explain that the XRP spike is “spot-driven.” Dom reported an indirect association between spot cumulative volumes delta (CVD) and perpetual CVD. Dom was saying: “Perps have faded every single pump and jumped into shorts on every since pullback.” 

The preceding statement was proven through future data analysis. As seen, the financing rate stayed stable in January but grew dramatically during XRP’s initial spike in November. On the other side, aggregated spot volumes increased, supporting Dom’s claim that XRP’s surge is spot-driven. Furthermore, a negative aggregated premium on open interest indicated that the futures market continued to bid against XRP price increases. This suggests that both bullish and bearish patterns characterize the current scenario.

XRP exchange reserve on the rise

Amid the market enthusiasm, it is worth noting that the XRP exchange reserve has gradually expanded over the last few weeks. CryptoQuant data shows that Binance’s XRP reserves have climbed by 10% since December 16. Earlier in November, as the price of XRP began to rise, the reserves fell dramatically. 

This meant that profit-taking is also noticeable among investors, but exchange reserves remained below the 2024 annual average. 

Meanwhile, Santiment, a data analytics company, reported that XRP whale activity has reached its greatest level in six weeks. In an X post, the analytics company stated, “We have just seen 2,365 $100K+ XRP transactions in the last 8 hours, the highest spike since December [3rd].” The total number of holders is likewise increasing dramatically.

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