XRP futures open interest entered a short-term turning point after rising by $171.74 million in an hour.

On Aug. 11 local time, blockchain media outlet U.Today reported that the XRP derivatives market saw an unusual move, with total open interest jumping about 20.46 percent in one hour.

The key is when funds poured in and where the price sits. After a recent decline, XRP slid to around $1.02, near the psychological support level of $1. As large funds flowed into the futures market in that zone, market participants' directional bets also became clearer.

CryptoQuant analyst Maartunn pointed out that aggregated open interest in XRP futures increased by $171.74 million in an hour. The market sees this as a signal that funds preparing for an upside break and new short positions betting on further declines appeared at the same time. The fact that open interest often rises just before sharp price moves is also adding to tensions.

Short-term positioning shows both selling pressure and buying defence. CoinGlass data showed the weighted average funding rate stayed positive at 0.0080 percent. That suggests long positions remain in the market despite downside pressure. Investors are watching whether XRP can hold the $1 level.

Whale accumulation also continued. Large addresses recently bought more than 380 million XRP, lifting their holdings to about 13 percent of total circulating supply. The absorption of supply by big money at current levels is being read as a defensive factor on the spot side.

The reference point for an upside scenario is also relatively clear. If buying holds $1 and then breaks the nearby resistance level of $1.06, the futures volume built up that day could fuel a rebound. In particular, if a short squeeze emerges with cascading liquidations of short positions, the price could move quickly toward $1.35 and $1.64, one view said.

If the $1 level breaks, the recently inflowing funds could amplify downside volatility. The background to this larger bet also includes external factors beyond the chart. That is because the U.S. July consumer price index (CPI) is scheduled for release on Aug. 12. The indicator is seen as a key factor affecting the Federal Reserve's interest rate decisions.

Ultimately, the roughly $171 million inflow appears largely pre-positioning ahead of a macro event. Depending on the Aug. 12 result, $1 support could give way, or short liquidations could be triggered and lead to a strong rebound, according to a market view. Market attention is focused on the possibility that XRP volatility could expand sharply over the next 24 hours.