- XRP futures hit $1B open interest milestone faster than any other crypto asset
- Institutions expand beyond Bitcoin as XRP, Solana, and Micro Ether set records
- Analysts see breakout potential with XRP targeting $3.13 to $3.66 if momentum holds
XRP continues to draw major attention from both institutional investors and retail traders, with futures activity accelerating at an unprecedented pace. According to CME Group data shared by Ripple CEO Brad Garlinghouse, XRP futures contracts became the fastest ever to reach $1 billion in open interest, achieving that milestone in just over three months.
This surge comes as the broader crypto derivatives market also heated up in August, recording $36 billion in open interest for futures and options, signaling stronger institutional engagement across multiple assets.
Related: Wall Street Piles Into XRP: CME Futures Hit $1B, ETF Filings Stack Up
Institutional Interest Expands Beyond Bitcoin
While Bitcoin has historically been the top choice for institutions, recent figures showcase heightened demand. XRP, along with Solana and Micro Ether, reached all-time highs in open interest, highlighting a notable shift, as large investors diversify exposure into assets beyond Bitcoin.
The CME reported more than 1,000 large open interest holders, reflecting the depth of participation. For Ripple, this represents a strategic breakthrough, as its token is now firmly positioned within institutional trading flows.Analysts Weigh XRP Price Outlook
According to analyst EGRAG CRYPTO, XRP recently dropped to $2.77 but emphasized the importance of reclaiming $2.85. Sustained four-hour closes above that level could open the path to $2.90 and $2.95, with a breakout target set at $3.13. However, failure to maintain this threshold risks a retracement toward $2.65, underscoring the need for strong momentum.
On the other hand, analysis from CryptoBusy points to a more optimistic setup as the token recently rallied 61% and is forming a falling wedge pattern, often seen as bullish. With support holding steady at $2.70, analysts believe a breakout could drive prices toward $3.66 or higher. This aligns with a broader narrative of buyers gaining strength after weeks of consolidation, potentially signaling another round of upside momentum.
Market Snapshot
At the time of writing, XRP trades near $2.84, marking a slight 0.08% gain in the past 24 hours. However, the token remains down almost 2% for the week, reflecting ongoing volatility. With a circulating supply of 59 billion tokens, XRP commands a market capitalization of about $169 billion.
Related: XRP ETF Approval Odds Hit 90% as Teucrium XRP Futures ETF (XXRP) Hits $122M in AUM
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