- XRP struggling to reclaim $3
- $8 billion worth of OI
According to Maartunn, a pseudonymous cryptocurrency analyst at CryptoQuant, XRP whales are currently in the process of heavily offloading their tokens.
The chart shared by the analyst shows that whale flows on the XRP Ledger recently flipped into negative territory.
A similar pattern, for instance, could be seen in early 2025, when the price of the token reached a local peak. This coincided with sustained whale distribution. Of course, the XRP token suffered a major correction back then.
XRP struggling to reclaim $3
According to CoinGecko data, XRP is currently struggling to reclaim the $3 level, currently trading just below the key price level. Earlier today, the token plunged to an intraday low of $2.89.
Meanwhile, $69 million worth of XRP tokens was recently transferred from Upbit, the leading South Korean exchange, to an unknown wallet.
$8 billion worth of OI
At the same, open interest (OI), which measures the total value of outstanding XRP futures and options contracts, currently stands at $8.11 billion. This represents a 3.55% increase over the past 24 hours.
CME’s XRP futures are gaining more popularity with a 16% increase increase in OI. As reported by U.Today, they recently became the fastest contract of the Chicago-based trading behemoth to reach $1 billion in OI.