Recent data from CryptoQuant reveals a significant surge in XRP’s open interest, reaching nearly $2.92 billion on October 5th. This spike suggests increased speculative trading activity among traders. Elevated open interest often coincides with heightened market volatility, particularly due to leveraged positions. While the price of XRP currently hovers around $2.99, approaching the crucial $3 resistance level, analysts point out a tense battle between bulls and bears. Though multi-billion dollar contracts have been established, XRP has yet to break through the $3 mark. A breakthrough above this level could potentially lead to further price gains fueled by the significant open interest, while a price decline may trigger widespread long liquidations.