Key Takeaways
XRP held firm at $2.90 while CME Open Interest surged past $1.27 billion. A $150 million daily jump in OI, muted profit-taking, and a $2.80 supply floor now set the stage for a potential push toward $3.70.
The altcoin market sat in consolidation as Bitcoin [BTC] stayed trapped in a volatility squeeze without a clear direction. Naturally, that left bulls across majors focused on defending support and waiting for a breakout trigger.
For Ripple [XRP], that battle played out at $2.90. Bears tested the level three times this month and failed, confirming resilient buy-side demand.
With this base intact, is XRP preparing its next bullish leg?
Institutional bets heat up
Institutional activity in XRP Futures is climbing fast.
Historically, spikes in Ripple’s CME Futures Open Interest (OI) have coincided with bullish setups. XRP tends to find strong support during rising OI and peaks when OI overheats.
As of writing, CME OI had hit a record $1.27 billion.
The catch is, this $150 million+ jump in OI from the previous day signals fresh institutional positioning. Paired with XRP holding firm at $2.90, it points to strong bid pressure and a potential setup for the next leg up.
Source: CoinGlass
But that momentum alone won’t cut it.
Flashback to mid-July: XRP topped $3.55 as CME OI hit $725 million. However, when OI rolled off to $585 million over two weeks, XRP gave way below $3.
In fact, that was marked as the altcoin’s first structural crack under this key support.
To avoid a repeat, holding key support is critical. That means watching XRP’s Cost-Basis cluster closely. Breach this zone, and it could trigger a liquidation cascade, taking the price down fast.
XRP bulls keep FOMO brewing
A major supply cluster at $2.80 was shaping XRP’s near-term price action.
At this level, roughly 1.8 billion tokens were stacked, making this zone a strong bid floor. Moreover, it has already supported three back-to-back rebounds, making it a key anchor for the next leg higher.
And it looks like FOMO is kicking in.
Because holders were sitting on roughly 7% Unrealized Gains, yet profit-taking is muted. With CME OI expanding, bulls are clearly stacking at key support.
Source: Glassnode
In short, XRP looks bullish and well-anchored. With $2.90 defended, the $2.80 supply floor intact, and institutional flows ramping, momentum is building toward a potential run at $3.70.
