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$XRPsaw a spike in open interest, with inflows of speculative investment on Binance. Despite long liquidations and market risk, traders still rebuilt long positions.

$XRPtrading on Binance revived after a period of relative weakness. Open interest jumped specifically on Binance, though remaining low on other markets.

Over $264M in open positions were opened on Binance, up 14.8% in the past 24 hours. $XRPtraded at $1.34 after the latest market downturn, showing long positions were still threatened by liquidations.

The recent market moves of $XRPare mostly based on narratives. The XRPL network only carries around $46M in value locked, with minimal fees produced. Despite this, Ripple still positions itself as one of the builders of the future of crypto.

Ripple’s efforts to build a payment system are ongoing, and the company may not be affected by the new CLARITY Act. Ripple’s official stablecoin still carries $1.41B in total market cap, down from $1.58B as of March 7. The stablecoin is actively traded on Binance, adding to the popularity of $XRP.

Why is $XRPgaining long positions?

The recent spike in open interest shows $XRPis one of the fast-reacting assets, expecting a breakout to a higher price range. $XRPstill has blue-chip status and a significant presence on social media, allowing the asset to survive the general loss of interest in altcoins.

The mindshare of $XRPalso rose by over 64%in the past day, to 1.5%, surpassing other altcoin projects. Unlike other legacy assets, $XRPstill sparks hopes of breaking out to a higher price range.

$XRPlong positions go as low as $1.25, as more cautious traders bet on the asset’s usual sideways trading. The $XRPcommunity is still showing confidence in the asset’s future, even during the current bear market.

Can $XRPrise on a short squeeze?

$XRPtraders have been mostly cautious in shorting the asset due to its track record of sudden expansion.

This time, only around 24% of traders hold short positions, while others seek a price range for going long with a lower risk of liquidations.

One of the drivers for $XRPexpansion is a potential short squeeze. The latest expansion of long positions also showed a concentration of short open interest on Binance.

Based on the liquidation heatmap, an accumulation of short open interest is the strongest at $1.37. Currently, those positions, reporting $1.04B in open interest, are in the money, benefitting from the $XRPslide. The position is also a potential target for liquidations, leading to an $XRPrecovery.

On Hyperliquid, the predictions on $XRPare the opposite of those on centralized exchanges. $XRPis among the most widely shorted assets, with over 63% of whales holding short positions. The biggest short position had $10M in notional value and over $378K in unrealized gains.

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