What’s Driving this Surge?
Data from Coinglass shows XRP open interest hit $10.98 B, with key exchanges such as Bitget, Binance, Gate, and Bybit each holding substantial positions.
This historic jump signals robust capital inflows and growing institutional confidence in XRP derivatives.
Bullish Technical and On‑Chain Signal Alignment
XRP’s price recently reclaimed key levels from the 200‑day moving average around $3.28 up to a symmetrical triangle breakout where a new all-time high (ATH) price of $3.65 was hit.
Additionally, crucial indicators, such as a golden cross where the 20‑day SMA crossed the 200‑day and MACD bullish crossover have reinforced momentum, corroborating the swell in derivatives activity.
Therefore, XRP’s $10.98B derivatives open interest signals more than hype because it marks growing institutional adoption, regulatory strides, and strong technical confirmation.
XRP’s Double Cup Formation Comes into Play
According to market analyst Teresa, XRP is breaking out of its consolidation zone with force, fueled by a double cup formation with key targets being $4.05, $4.69, and $5.39.
Therefore, a weekly close above $4.05 could trigger a rapid rally because the XRP season may be just getting started.
After months of consolidating in a tight range, XRP has surged past critical resistance levels, signaling the potential beginning of a major bullish wave.
Therefore, the double cup formation, characterized by two rounded bottoms followed by a breakout above a shared neckline, suggests growing buyer conviction and long-term accumulation.
XRP first formed a base around $0.50 in late 2023, followed by a second rounding in early 2025. The breakout above $1.50 in July confirms the pattern, putting the next psychological and technical level at $4.05 well within reach.
Momentum is also supported by XRP outperforming Bitcoin by 277% year-over-year, driven by increasing institutional interest and clearer U.S. regulatory frameworks following the passage of the GENIUS Act.
What makes this breakout even more significant is the broader market context. Ripple’s continued expansion of cross-border payment corridors, its deepening partnerships with banks and fintech players, and the launch of XRP futures ETFs have all contributed to building a robust foundation.
Additionally, on-chain data shows rising active addresses and whale accumulation, both signs of a healthy, growing ecosystem.
If XRP secures a weekly close above $4.05, it could trigger an acceleration phase toward new record highs of $4.69 and even $5.39.
Conclusion
If XRP maintains its momentum and secures a weekly close above $4.05, it could trigger a new wave of fear of missing out (FOMO), propelling it toward the higher targets of the double cup formation.
Additionally, XRP’s derivatives open interest reaching a record $10.98 billion is more than a statistical milestone, it’s evidence of a powerful alignment that include strong price action, widespread institutional entry, regulatory clarity, whale movements, and ETF speculation.
