Is XRP Heading For A Short Squeeze To A New All-Time High?

Short-Squeeze in XRP Price Possible Open interest in XRP has significantly picked up after the token dipped to a year-to-date low in April.

A rise in open interest could lead to a short squeeze in the price of XRP. On-chain data shows a rising investor sentiment toward the digital asset, which could result in a bullish breakout above its prevailing all-time high.

Short-Squeeze in XRP Price Possible Open interest in XRP has significantly picked up after the token dipped to a year-to-date low in April. Last month, the metric peaked at its highest in four months at around $5.52 billion, and it remains near the $4 billion mark at the start of June.

XRP Price and Open Interest (Source: Coinglass) As of Tuesday morning (UTC), most of these futures open interests were focused on the Bitget crypto exchange platform at $1.21 billion. At XRP’s price change between a $2.14 low and a $2.22 high in the last 24 hours, it needs to climb around 79% to 72% to match its recorded peak last January.

Keep an Eye for Other Catalysts A high open interest in an option contract signifies heightened interest and belief in an asset.