XRP has seen a bullish twist in the last 24 hours as investors bet heavily on the asset, causing a spike in open interest. According to CoinGlass data, XRP spiked by 5.11%, resulting in traders committing $4.26 billion to XRP’s futures contract.
XRP's on-chain activity spikes amid consolidation
Notably, open interest signals the volume of futures contracts investors have opened on XRP as they anticipate a bullish rally. Traders committed a total of 1.85 billion XRP during this period.
The development has positively impacted XRP, as the price climbed from a low of $2.25 to a peak of $2.33. This marks a shift for the coin, which plunged to $2.09 within the last seven days, testing the $2 support level.
The current increase in open interest suggests investors are optimistic about a possible breakout amid ecosystem developments. Recently, XRP displayed resurgence as on-chain activity surged, with market volume soaring by 800 million in daily transactions.
As of press time, XRP is changing hands at $2.28, representing a 0.93% increase after a slight correction. Despite the bullish sentiment in the ecosystem, the asset has lost the critical $2.30 support level again.
Regardless, market participants remain optimistic that XRP could rally and retest the $3 level again. The technical indicators suggest the asset could break out soon after this protracted consolidation.
BlackRock speculation fuels ETF optimism
On the broader crypto market, speculations of BlackRock joining the spot XRP exchange-traded fund (ETF) race remain high. If BlackRock signals interest in XRP, the asset manager could shake up the space.
Although BlackRock previously dismissed any interest in the XRP ETF, a reversal of interest could increase the chances of approval from the U.S. regulator. At the moment, Polymarket bettors remain positive that the Paul Atkins-led Securities and Exchange Commission could give the nod before the end of 2025.
