XRP Open Interest Spikes 19% to Top $2B as Volume Hits 11-Day Peak Amid Price Recovery

XRP Open Interest (OI) spikes 19% to cross the $2 billion mark as trade volume reaches a 1-week peak amid ongoing price rebound. For context, XRP's rebound comes on the back of a comparative recovery across the broader market. However, the altcoin appears to be leading the charge, having increased by an impressive 11% over the past 24 hours to retest the $2.40 price territory.This bullish push follows XRP's impressive close above $2 last year , 2024. Notably, this marked the first time the crypto asset ended a year above the $2 mark throughout its history. As momentum builds amid improved sentiments, interest in the asset has skyrocketed in the spot and futures markets.XRP Open Interest Spikes 19%Particularly, data from Coinglass confirms that XRP Open Interest hit a peak of $2.29 billion today, marking an impressive 19% increase from the $1.93 billion figure recorded the previous day, being New Year's Day. XRP Open Interest Coinglass XRP Open Interest | Coinglass Interestingly, the latest $2.29 billion figure marked the first time since Boxing Day, Dec. 26, 2024, that XRP Open Interest in the futures market crossed the $2 billion mark, representing a six-day top. Open interest refers to the total number of outstanding derivative contracts. A spike typically indicates an increase in market activity and liquidity.Notably, these spikes in XRP Open Interest appear to occur alongside comparative surges in prices. A similar 46% increase in OI on Christmas Day accompanied a surge in XRP's price above $2.32.However, as XRP Open Interest dropped amid a decline in market activity and liquidity, prices also collapsed, with the broader market experiencing a post-Christmas correction from Dec. 27. The latest increase in OI now occurs alongside the latest market recovery.XRP's Volume Hits 11-Day PeakIn addition, XRP volume in the spot market has witnessed an impressive spike, as traders and investors flock into the market. According to data from CoinMarketCap, XRP's volume has increased by a massive 153% over the past 24 hours to $10.97 billion at press time.This represents XRP's highest 24-hour volume in 11 days. The last time the altcoin witnessed this volume peak was on Dec. 22, 2024, as prices hovered around the $2.29 region. Now, XRP currently changes hands at $2.40, looking to transcend this price level on its journey to greater levels. The asset's market cap now stands at $137.73 billion following Ripple's latest escrow unlock . Some analysts like EGRAG Crypto believe XRP could target lofty targets such as $27 this year, 2025.