XRP期货开放兴趣降至2025年的最低水平

同时，对XRP期货的开放兴趣在2025年的最低水平下降，这表明交易员已经放松了杠杆头寸。

At the same time, open interest in XRP futures fell to its lowest level in 2025, indicating that traders have been unwinding leveraged positions. While this shift does not necessarily signal a broader bearish sentiment, it raises concerns about whether XRP’s bullish momentum has weakened.

同时，对XRP期货的开放兴趣在2025年的最低水平下降，这表明交易员已经放松了杠杆头寸。尽管这种转变并不一定意味着更广泛的看跌情绪，但它引起了人们对XRP的看涨势头是否减弱的担忧。

XRP aggregate futures open interest, XRP. Source: CoinGlass

XRP总期货开放兴趣，XRP。资料来源：小店

The aggregate open interest in XRP futures dropped to XRP 1.33 billion, marking an 8% decline from the previous week. In comparison, SOL open interest fell 4% over the same period, while the aggregate futures market for DOGE remained flat.

XRP期货的总开放兴趣下降到XRP 13.3亿，比上周下降了8％。相比之下，同一时期，索尔开放兴趣下降了4％，而门多格的总未来市场仍然持平。

To determine whether traders are losing interest in XRP, it is essential to analyze the funding rate of perpetual contracts (inverse swaps). This rate, charged by exchanges to balance leverage demand, turns positive when long (buy) positions pay to hold, signaling bullish sentiment. Conversely, a negative rate suggests a bearish outlook.

为了确定交易者是否失去对XRP的利息，必须分析永久合同的融资率（反交换）。通过交流以平衡利润需求的费率，当长期（买）职位支付以保持持有，表明看涨的情绪时，这一比率会变成积极的态度。相反，负率表明看跌前景。

XRP 8-hour perpetual futures funding rate. Source: CoinGlass

XRP 8小时永久期货融资率。资料来源：小店

XRP’s 8-hour funding rate has remained near zero since Dec. 9, indicating a balanced leverage demand between bulls and bears. The last brief surge in leverage demand occurred on Dec. 4, 2024, following a 140% rally in XRP’s price over two weeks. Notably, this peak in buying pressure preceded a sharp 22% correction in less than three days.

自12月9日以来，XRP的8小时资金率一直保持在零接近零，表明公牛和熊之间的杠杆需求平衡。杠杆需求的最后一次短暂激增发生在2024年12月4日，此后XRP的价格在两周内进行了140％的集会。值得注意的是，购买压力的高峰是在不到三天的时间内进行22％的较高校正。

On Dec. 3, 2024, the funding rate remained below 0.05% per 8-hour period, equivalent to 0.45% per month. This suggests that leverage buyers had already positioned themselves aggressively before the correction.

在2024年12月3日，资金率保持在每8小时的0.05％以下，相当于每月0.45％。这表明，在更正之前，利用买家已经积极地定位了自己。

Reduced XRP demand shows uncertainty over spot ETF approval and SEC case resolution

减少的XRP需求显示了对现场ETF批准和SEC案例解决的不确定性

Current market conditions differ significantly from those in December 2024. XRP’s last rally took place between Feb. 12 and Feb. 15, when its price surged 17% from $2.41 to $2.83. However, funding rate data shows no increase in leveraged demand. This suggests that either XRP holders became overly optimistic after the strong gains in late 2024 or shifted their focus to other cryptocurrencies.

当前的市场状况与2024年12月的市场条件有很大差异。XRP的最后一次集会发生在2月12日至2月15日之间，当时其价格从2.41美元飙升至2.83美元。但是，资金率数据显示杠杆需求没有增加。这表明，在2024年底的强劲增长或将重点转移到其他加密货币之后，XRP持有人变得过于乐观。

One factor dampening enthusiasm among XRP traders is the ongoing US Securities and Exchange Commission (SEC) lawsuit against Ripple. While the SEC has withdrawn cases against Coinbase, OpenSea, Robinhood, and Uniswap, Ripple remains an exception. This presents a double-edged sword for XRP where prolonged uncertainty weakens investor conviction, but a surprise positive resolution could trigger a sharp rally.

XRP交易者中抑制热情的一个因素是美国证券交易委员会（SEC）针对Ripple的诉讼。尽管SEC撤回了针对Coinbase，Opensea，Robinhood和Uniswap的案件，但Ripple仍然是一个例外。这为XRP提供了一把双刃剑，其中延长的不确定性削弱了投资者的定罪，但令人惊讶的积极决议可能会引发急剧的集会。

John Reed Stark, the former Chief of the SEC’s Office of Internet Enforcement, has previously accused the cryptocurrency industry of spreading myths to mask its lack of transparency and accountability, commented on the “demolition of the SEC Crypto-Enforcement Program” on X. Using a meme, Stark expressed frustration over recent developments.

SEC互联网执法办公室前负责人约翰·里德·斯塔克（John Reed Stark）此前曾指责加密货币行业传播神话来掩盖其缺乏透明度和责任感，并评论了“拆除SEC加密执法计划”。

Another source of concern for XRP holders is the reportedly failed attempt by Ripple CEO Brad Garlinghouse to persuade the US government to adopt a Strategic Digital Asset Reserve instead of focusing solely on Bitcoin. Pierre Rochard, vice president of Research at Riot Platforms, highlighted this setback, noting that Trump’s administration has signaled it will no longer form a crypto council, further downplaying the urgency of such initiatives.

XRP持有人关注的另一个来源是据报道，Ripple首席执行官Brad Garlinghouse试图说服美国政府采用战略性数字资产储备，而不是仅专注于比特币。 Riot Platforms研究副总裁Pierre Rochard强调了这一挫折，并指出，特朗普的政府表明它将不再组成加密委员会，进一步淡化了此类倡议的紧迫性。

The declining demand for XRP futures is ultimately a bearish signal, as it suggests traders are shifting focus to other opportunities or staying on the sidelines.

对XRP期货的需求下降最终是一个看跌信号，因为这表明交易者正在将重点转移到其他机会或留在场上。

This reluctance may stem from uncertainty surrounding the potential approval of a spot XRP exchange-traded fund (ETF) in the US and the eventual dismissal of the SEC’s charges against Ripple.

这种不愿源于围绕美国XRP交易所交易基金（ETF）的潜在批准以及最终驳回SEC对Ripple的指控的不确定性。