XRP futures leverage surges to $2.73 billion as prices hover near $1, signaling potential volatility ahead of July CPI data.
XRP futures open interest climbed to 2.67 billion XRP ($2.73 billion), the highest since October, up from 2.25 billion earlier this month. The token trades near $1, a critical level that could trigger bearish momentum if breached, after briefly dipping to 99 cents on Tuesday.
The cryptocurrency has underperformed bitcoin and the broader market in recent days, with its price recovery stalling near $1.02. Analysts warn the buildup of leverage at this level increases vulnerability to sharp price swings.
Markets await July’s CPI report, with forecasts pointing to a 0.1% month-on-month increase and annual core inflation easing to 2.5%. A softer print could weaken the dollar, potentially benefiting crypto assets like XRP and bitcoin, though options pricing suggests muted expectations for a major CPI-driven move.