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XRP nears $1 as CPI bets lift futures leverage to a multi-month high

XRP futures open interest has climbed to 2.67 billion XRP, the most since October, raising the risk of larger swings around the U.S. CPI release.

Reported · Written up by our desk · Market Structure

CoinDesk highlights that XRP trading could turn more volatile into the U.S. CPI release later today, with the token hovering near $1 after briefly dipping to 99 cents on some exchanges on Tuesday.

The newsletter notes two key catalysts, an early exploit reported on a bridge linking to the XRP Ledger, and a technical level around $1, where a breach could embolden bearish momentum.

XRP futures open interest has risen to 2.67 billion XRP, about $2.73 billion, the highest since October, up from 2.25 billion XRP at the start of the month. CoinDesk says this increase in leverage while XRP trades near $1 points to potential volatility.

CoinDesk also links the setup to macro expectations, with forecasts calling for 0.1% month-on-month growth in July headline CPI and 3.4% year-on-year, alongside core CPI falling to 2.5% from 2.6%. It adds that a hotter-than-forecast CPI could strengthen bets for Fed rate increases and lift Treasury yields, creating headwinds for crypto risk assets.

Latest closeXRP $1.021 ▼0.1%

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