XRP’s derivatives market on Binance has flashed a notable activity spike even as the token remains under pressure. According to data from CryptoQuant, open interest in XRP futures on Binance climbed from approximately $181 million on August 3 to $232.7 million by August 17, 2026, an increase of 28.6% over two weeks.
The move pushed Binance’s XRP open interest to its highest level since June 2026. However, analysts caution that the jump may not be a straightforward bullish signal. While open interest rose, the seven-day open interest change moved from about -$40 million on July 29 to +$38.9 million on August 17, indicating fresh positioning, but the perpetual cumulative volume delta fell to -$463.2 million.
This suggests aggressive sell-side activity continued to outweigh buying in XRP derivatives. The surge therefore appears to be driven largely by bearish positioning rather than renewed bullish demand, creating a mixed picture for the token. The data comes while XRP’s spot price has struggled to recover from a correction that retested its multi-year low at $0.98.
