XRP Nears Record High as Futures Activity and Whale Accumulation Surge

XRP extended its breakout rally on Wednesday, briefly reaching $3.30 during Asian trading hours, marking a gain of over 10% in the past 24 hours and 34% over the last seven days. The token now sits just 4% below its all-time high of $3.40, set back in 2018.

Bullish momentum was reinforced by a sharp uptick in derivatives activity. Futures open interest soared to $9.98 billion, a 26% increase in 24 hours, reaching its highest level since 2021. Elevated funding rates indicate that traders are heavily positioned on the long side, even as shorter timeframes suggest overheated conditions.

Open interest measures the total number of active futures contracts that remain unsettled. When paired with rising prices, it often reflects growing market confidence and expectations of continued upside.

On-chain data from WhaleTrace shows that over 2.2 billion XRP has been accumulated by large holders over the past two weeks. This accumulation aligns with major developments, including the anticipated launch of leveraged XRP ETFs in the U.S. and Grayscale’s inclusion of XRP in its Digital Large Cap Fund.

According to CoinDesk Analytics, the next major resistance zone lies between $3.50 and $3.84, though technical indicators are flashing signs of short-term overextension. The 4-hour RSI has remained above 80 since Tuesday—typically a signal of near-term exhaustion—but price breakouts have held thanks to continued volume support.