XRP has been making significant strides in the market as it recovers from recent setbacks, with its open interest (OI) surging by 19%, crossing the $2 billion mark, and its trading volume reaching an 11-day high. This surge in market activity coincides with XRP’s recent price rebound, which has seen the altcoin rise by 11% over the past 24 hours, pushing its price to $2.40. This price recovery is noteworthy as it follows a historic close above the $2 mark in 2024, the first time XRP has ended a year above this threshold.

As momentum builds across the cryptocurrency market, XRP appears to be leading the charge, with growing interest from both spot and futures markets. Data from Coinglass reveals that XRP’s open interest hit $2.29 billion today, marking a 19% increase from the $1.93 billion recorded just a day earlier. This spike in open interest is particularly significant as it represents the first time since December 26, 2024, that XRP’s open interest in the futures market has crossed the $2 billion threshold, signaling a resurgence in market activity and liquidity.

Open interest measures the total number of outstanding derivative contracts, and a spike typically indicates increased market participation and liquidity. The increase in XRP’s open interest is not an isolated event, as similar surges have been seen during periods of significant price movements. For instance, on Christmas Day 2024, XRP’s open interest increased by 46% as the asset’s price surged above $2.32. This pattern indicates that growing market activity, both in terms of open interest and trading volume, often correlates with bullish price movements.

In addition to the open interest surge, XRP’s trading volume has also seen a substantial uptick. According to CoinMarketCap data, XRP’s trading volume has surged by 153% over the past 24 hours, reaching $10.97 billion. This marks the highest 24-hour trading volume for XRP in 11 days, with the last significant peak occurring on December 22, 2024, when XRP’s price was hovering around the $2.29 mark. The substantial increase in volume indicates that traders and investors are actively engaging with XRP, further fueling the price recovery.

Currently, XRP is trading at $2.40, showing signs of strength as it attempts to break through this resistance level and move toward higher targets. The asset’s market capitalization now stands at $137.73 billion following Ripple’s latest escrow unlock, signaling continued growth in the market. Some analysts, like EGRAG Crypto, are even predicting that XRP could reach ambitious targets, including $27 in 2025, based on the current market momentum.

The ongoing price recovery, combined with the significant increases in open interest and trading volume, suggests that XRP is positioned for further gains in the near future. Investors and traders will be closely monitoring these key metrics, as they provide valuable insights into market sentiment and potential price movements.

In conclusion, XRP’s recent performance highlights the growing market interest in the asset as it experiences a price rebound. The increase in open interest and trading volume further supports the bullish outlook for XRP, with many analysts predicting significant upside potential for the altcoin in the coming months. As XRP continues to test new price levels, it remains a focal point in the broader cryptocurrency market.