[DigitalToday reporter Yoonseo Lee (이윤서)] XRP has recently shown price weakness, but positions are increasing in the derivatives market.

The Crypto Basic, a blockchain outlet, reported on June 27 (local time) that XRP open interest rose 1.13 percent in a day to $2.37 billion.

XRP was trading at $1.03, up 1.52 percent over the past 24 hours. It is down 8.39 percent over the past week and has fallen 43 percent since the start of the year. Market attention is focused on the increase in new leveraged positions even as the spot price remains weak.

The options market showed mixed moves. Options open interest fell 67 percent to $21.66 million, but options trading volume rose 16 percent to $5.4 million. Futures participation is increasing, while options trading is becoming more short term and existing positions are shrinking.

Chart action also reflected that mood. Over recent months, XRP futures open interest has risen steadily, but the price has formed a pattern of lower highs and lower lows. That suggests market participants are increasing directional bets even during declines.

The funding rate turning negative also stood out. In perpetual futures markets, this structure means holders of short positions pay a fee to holders of long positions, and it is read as a signal that bearish sentiment has become more dominant. One analyst said the market is building strength for a reversal, but it is difficult to be certain of a bullish turn until buying returns.

In the short term, some are also discussing the possibility of a retest of $0.95. Some market participants expect the market could clear liquidity stacked below the current price before changing direction. Some observers, including Ali Martinez (알리 마르티네즈), said XRP could slide to $0.95 or lower. They see the market potentially targeting liquidity below the current price.

In the medium to long term, the possibility of further declines remains. XRP is down about 69 percent from its July 2025 high of $3.66. That is a steep drop, but it is still lower than in past bear markets. XRP fell 85 to 96 percent in the 2013-2014 and 2018-2020 bear markets, and applying the previous worst drop of 96 percent to the current cycle would put the price at around $0.15. Some investors, however, view XRP below $1 as a long-term buying zone aimed at the next bull market.

Ultimately, the XRP market has entered a stretch where short-term downside pressure and rebound expectations are colliding. Rising open interest and a negative funding rate signal heavier short selling, but they also create conditions in which volatility in the opposite direction could increase.