Key Takeaways:
XRP has gained 25% since April 7, and its open interest has risen by 32%.
Positive spot market activity contrasts with a neutral futures funding rate, highlighting a tug-of-war between traders.
Analysts still have double-digit price targets for XRP.
XRP’s (XRP) price fell to a year-to-date low of $1.61 on April 7, but has gained 25% over the past two weeks as the broader crypto market recovered and XRP open interest surged.
XRP futures open interest. Source: CoinGlass
The altcoin’s open interest surged 32% from $3.14 billion to $4.13 billion between April 21 and 23, signaling the return of derivatives traders. Futures OI increasing alongside the price indicates a bullish sentiment, but data from the Velo painted a different picture.
Based on the negative aggregated premium on open interest, the XRP futures market continued to bid against an XRP