XRP is retesting a long-term low in the $0.98 range after a recent correction, while open interest (OI) in Binance futures has surged 28.6 percent in the past two weeks.

U.Today, a blockchain media outlet, reported on Aug. 17 that Binance's XRP open interest rose to about $232.7 million on Aug. 17 from about $181 million on Aug. 3. That lifted XRP open interest to its highest level since June 2026.

The increase was analysed as driven more by an expansion in bearish positions than by new buying. Traders quickly added new positions as volatility increased, but that does not necessarily signal stronger expectations of a rise.

A similar pattern appeared in changes in open interest. The change in Binance's XRP open interest rebounded to $38.9 million on Aug. 17 from about minus $40 million on July 29. Participation in derivatives markets became active again in August, but new money was tilted more toward selling than buying.

Other indicators also confirmed selling dominance. Binance's cumulative volume delta (CVD) for perpetual futures fell to minus $463.2 million. That shows aggressive selling volume outweighing buying volume.

Rising open interest usually means broader market participation, but when it appears alongside falling prices it can be interpreted as an increase in bearish positions. XRP is seeing both an expanding derivatives market and continued selling pressure, making it difficult to expect a bullish reversal based on open interest alone.

It is especially important that open interest and CVD are giving different signals. A rise in open interest means participation is increasing, but if CVD remains in negative territory it suggests selling dominates in actual execution flows. Even if new money comes in, it is hard for it to act as upward momentum if it does not translate into buying.

Conversely, if prices rebound after excessive sell positions build up, liquidation of short positions could amplify gains. For that, spot buying would need to revive and an improving CVD trend would need to be confirmed.

The key ahead is whether the increase in new positions leads to actual buying. A shift to buying dominance could support a price rebound, but if the current selling bias persists it could add to downward pressure.