XRP Price Reaches Range Lows Amid Open Interest Drop, Bitcoin ETFs See Surge in Demand

The cryptocurrency market is experiencing a significant shift in the XRP price, which is retesting its range lows after a sharp decline. According to data from CryptoQuant contributor Amr Taha, open interest for XRP futures has fallen by 70% over the past five months, from $660 million to $203 million. This decline is attributed largely to Binance, with Bitfinex and BitMEX showing only minimal activity.

The sharp drop in open interest suggests that traders are closing positions or getting liquidated, which can lead to further price drops if support levels are broken. The current support zone for XRP is around $1.30-$1.35, and a daily close below this level could expose the next downside area of $1.00-$1.10.

In contrast, institutional demand for Bitcoin ETFs has increased significantly, with over $787 million in net inflows last week. This influx of capital is attributed to renewed confidence from wealth platforms and pensions, which are increasingly using spot products as a cornerstone of their investment strategies.