XRP Volume & Open Interest Spike Fuels $3 Breakout Outlook
XRP price has climbed nearly 30% over the past week, approaching the key $3.00 resistance. This uptick comes as open interest on XRP futures jumped over 50% in July to around $8 billion, just shy of the January 2025 record high of $8.33 billion. Historically, XRP price rallies have followed open interest above $8 billion, fueling bullish sentiment.
Daily trading volume also surged, peaking at $35 billion on July 12 and averaging $16 billion recently. On-chain activity mirrored this trend: daily active addresses on the XRP network rose 124% in July to over 8,100. Technical indicators support continued momentum, with XRP’s Relative Strength Index (RSI) surpassing 70.
The U.S. Securities and Exchange Commission’s approval of the ProShares Ultra XRP futures ETF (UXRP), effective July 18, together with DTCC eligibility, has added further impetus. Meanwhile, Ripple’s new partnership with the California government to modernize public services via blockchain underlines institutional adoption.
Traders will be watching whether XRP price can decisively break and hold above $3. A sustained breakout could pave the way for a move toward the 2017 all-time high of $3.84.
Bullish
The convergence of rising open interest and trading volume, coupled with on-chain activity growth and the impending ProShares Ultra XRP futures ETF launch, indicates robust market momentum for XRP. Historically, similar conditions have preceded significant price rallies. In the short term, traders may drive XRP price above the key $3 level as leveraged exposure increases. In the long term, ETF approval and institutional partnerships, such as the California government initiative, support sustained demand and potential further gains toward the $3.84 all-time high.