Regulatory clarity and upcoming technical changes are spurring growth in XRP-tracked futures, with open interest zooming to record highs on Saturday as prices spiked more than 20% over 24 hours.

XRP and U.S. dollar-denominated open interest are at record levels as of Sunday, with over 2 billion tokens (worth nearly $2 billion at current prices) in futures positions betting on further market volatility.

Long/short data shows that traders are slightly biased toward shorts, with 51% in bets against further price increases. (While the ratio should theoretically remain 50:50 at all times as there is always a short trade for each long trade, the bias gives an insight into how savvy traders are positioning over a very short-term period, such as 24 hours.)

Open Interest (OI) refers to the total number of outstanding derivative contracts not settled for an asset.