XRP has seen a surge in the derivatives market, with futures volume increasing amid traders’ participation. According to CoinGlass data, XRP futures volume rose 3,948% in the last 24 hours on the Bitmex crypto exchange, reaching 3,948.30%. The price drop across the market early this week was not only accompanied by increased liquidations but also coincided with a move that saw the options markets de-risk aggressively, with open interest falling. At press time, XRP open interest was recovering, slightly up 2.15% in the last 24 hours.
The setup is forming as XRP seeks a breakout past the $2 level, a price zone that has repeatedly shaped holder behavior. According to Glassnode, the $2 level remains a major psychological zone for XRP holders. This is because, since early 2025, each time XRP has retested $2, investors have seen realized $0.5 billion to $1.2 billion per week in losses. This reflects the significance of this key level.
For now, XRP is seeing fresh demand from short-term buyers and selling pressure from long-term holders seeking to break even, which hints at a major move once one side gives in. The current setup for XRP resembles that of a reset, as futures volume and open interest rise. XRP rebounded on Jan. 21 after dropping for seven consecutive days; however, it did not reach $2, stopping at $1.98.
A breakout above $2 might begin the next major move for XRP, targeting the $2.41 level again. Support lies at $1.85 and $1.82, from where XRP began to rise at the start of 2026.
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