XRP (CRYPTO: XRP) derivatives activity is heating up, while on-chain data points to growing activity during hours dominated by major global financial centers, two reports found on Tuesday.

What Does XRP’s High Open Interest Mean?

CryptoQuant data from Aug. 18 shows XRP open interest on Binance climbing to around $461.3 million, up from around $360 million at the beginning of August.

The increase represents the highest open interest in two months and comes as XRP has remained near the $1 level over the past week.

"The current movement is becoming increasingly significant as XRP approaches key price levels," CryptoQuant noted.

Higher open interest signals increased participation and capital committed to XRP derivatives but doesn’t reveal whether traders are predominantly betting on higher or lower prices.

If XRP rises alongside expanding open interest, it could indicate fresh positioning supporting bullish momentum.

However, continued price weakness alongside elevated leverage could increase the risk of liquidations and sharper volatility.

Funding rates, trading volume and long-short positioning could therefore become increasingly important in determining how the buildup resolves.

XRP Sees ‘Banker Hours’ Rush

Separately, EvernorthXRP highlighted an unusual shift in XRP Ledger activity that it believes is consistent with increasing institutional participation.

23.5% of XRP’s on-chain trading volume in July 2026 occured during a three-hour window overlapping London’s afternoon and New York’s morning, compared with 14.5% in same period a year ago.

That period coincides with the overlap between two of the world’s largest financial centers and is also an important trading window for global foreign-exchange markets.

The pattern reportedly appears across all three major forms of trading on the XRP Ledger: order-book transactions, automated market maker pools and cross-currency payment routing.

"Nothing about XRP closes at 5 pm. But we’re definitely seeing some rush hours," EvernorthXRP said in an X post on Aug. 18.

Image: Shutterstock