XRP Open Interest Jumps on Coinbase: Are U.S. Investors Stepping Back In?

While XRP’s price continues to struggle within a broader downtrend, derivatives data is flashing a signal that investors should not ignore. A noticeable increase in open interest on Coinbase, one of the most influential U.S.-based exchanges, suggests that XRP is quietly regaining attention from American market participants.

From a technical standpoint, XRP has yet to reclaim key levels lost during the October breakdown. The asset remains capped below major moving averages, and momentum indicators such as RSI sit in neutral-to-bearish territory. On the surface, the chart does not indicate an imminent breakout and instead resembles a consolidation phase following prolonged selling pressure.

However, the divergence between price action and derivatives positioning is where the narrative shifts. Open interest on Coinbase is rising while price remains flat or slightly declining, a classic signal that new positions are being opened rather than closed. Historically, such conditions often precede volatility expansion, even if the eventual direction is not immediately clear.

Coinbase plays a critical role in this analysis. As a primary gateway for U.S. retail and institutional investors, changes in activity on the platform frequently reflect shifts in American capital flows. The uptick in XRP open interest may therefore indicate that U.S. traders are positioning ahead of a larger move.

That said, the setup is not without risk. Rising open interest alone does not guarantee upside. Funding rates and long/short ratios remain relatively balanced, suggesting the market lacks strong directional conviction. Recent liquidation data further shows that long positions have been hit harder than shorts, reinforcing the idea that leverage without confirmation remains dangerous.

This environment points more toward early-stage positioning rather than a confirmed trend reversal. If price begins to move higher while open interest continues to climb, bears could find themselves under significant pressure. If not, XRP risks repeating a familiar pattern—another leverage-driven trap that punishes impatient participants.

In summary, the surge in open interest on Coinbase signals that XRP is back on the U.S. radar. Whether this develops into a sustained rally or fades into another false start will depend on technical confirmation and renewed spot demand in the sessions ahead.