XRP reclaims the fourth position in market capitalization: open interest surges, leverage returns as traders bet on a new rally

Gate News, March 17 — XRP price surged strongly, reaching $1.53, an approximately 11% increase over the week, and surpassed BNB to reclaim the fourth-largest market cap position, totaling about $93.4 billion. Meanwhile, spot and derivatives markets are active simultaneously, with trading volumes significantly increasing, indicating a notable rise in market participation.

Data shows that XRP recently broke through the key resistance level of $1.40, with trading volume soaring to $3.22 billion, a single-day increase of over 125%, reflecting rapid capital inflow. The synchronized upward movement of price and volume has become one of the key features of this rally.

Of particular interest is the change in the derivatives market. The latest data indicates that XRP open interest has risen to approximately 353 million contracts, a roughly 59% increase from about 223 million contracts in October 2025. However, at the same time, XRP’s price remains about 37% lower than that level, suggesting that the market has accumulated higher leverage positions at lower prices.

This structure contrasts sharply with the deleveraging phase earlier this year. During January and February, the market mainly released risk, whereas now it is rebuilding leverage, indicating traders are positioning themselves for potential upward moves. Historically, open interest once peaked at over 400 million contracts in September 2025, then sharply declined in October, with prices falling from $3.65 to below $2.

Currently, open interest is near historical highs but has not fully recovered to pre-crash levels, implying there is still room for further leverage buildup. However, with prices not yet returning to previous highs, rapid leverage accumulation also increases volatility risks.

In the short term, the $1.50 to $1.60 range remains a critical observation zone. If prices can stabilize above this range, it could pave the way for further gains; conversely, if resistance is encountered again, it may repeat previous failed breakout patterns.

Analysis suggests that XRP’s current rally is driven not only by price momentum but also closely related to changes in the derivatives market structure. The continuous rise in open interest supports the trend but also amplifies potential pullback risks. The future trajectory will depend on sustained capital inflows and market sentiment. (CoinDesk)