The SEC's decision on XRP spot ETF applications has sent shockwaves through the cryptocurrency market, with a significant increase in XRP derivatives and open interest observed ahead of the verdict. According to data from CoinGlass, XRP open interest (OI) surged 14.8% in just 24 hours, marking the highest level in a week. This trend is reminiscent of historical patterns, where OI lows have preceded triple-digit percentage rallies.
On the other hand, the perpetual funding rate for XRP has risen by 158.19% to reach 0.0028. This indicates that long positions are dominating short positions, suggesting bullish sentiment among derivative traders. However, XRP's price remains steady at $1.32, with a 2.95% decline alongside the broader crypto market's reaction to geopolitical and macroeconomic events.