The crypto market has suddenly flipped bullish, and XRP has surged massively in both its trading price and its derivatives market.
While XRP derivatives activities have continued to rise significantly, the asset’s open interest has surged by about 11.55% over the past day, according to data from CoinGlass.
Following the big shift in investors' sentiments, XRP futures traders have swung into action, committing more tokens in active contracts over the period. As such, XRP open interest stands at 1.88 billion XRP as of Friday, March 13. This is worth over $2.71 billion, per XRP’s trading price.
XRP set to break its five-month losing streak
The recent crypto market volatility had lasted for months, causing XRP to record consistent monthly losses since 2025.
With the prolonged market downturn, XRP has formed a long streak of negative monthly returns, recording steady losses for the past five consecutive months.
While XRP has seen less volatile situations so far this month, it appears that March may be the month it will break the long streak of consistent monthly losses.
Having lost the $1.40 level for multiple days, the ongoing market resurgence has seen XRP reclaim $1.40 and surge notably past that level.
As of the time of writing, XRP is trading at $1.44, marking a price increase of 4.22% over the last 24 hours. With this rally, XRP has recorded an impressive increase of 6.03% in price over the past week while showing a positive monthly return of 4.88%.
If the asset is able to hold momentum, it is most likely to close the month on a positive note.
XRP traders on Coinbase dominate market
Further data showcased by CoinGlass shows that XRP futures traders on Coinbase have shown the most optimism on the asset’s price move as XRP open interest on the Coinbase derivatives market has surged massively by 43.03% over the last 24 hours.
This marks the highest increase in XRP OI recorded by a single exchange among all supported exchanges over the past day, suggesting that American traders are becoming increasingly bullish on the asset.
