- XRP is close to the majors, but the monthly view shows it lagging.
- Weak rotational interest shows in XRP’s slipping XRP/BTC ratio and muted gains.
On the weekly timeframe, Ripple [XRP] isn’t far behind the major caps, but zoom out to the monthly timeframe and the divergence becomes clear.
While Ethereum [ETH] flexed with a strong 40% rally, and even Dogecoin [DOGE] delivered a solid 20%+ ROI, XRP’s move was much more muted. It quietly ticked up around 4%, landing near $2.30 at press time.
From a rotation standpoint, XRP is still struggling to grab attention. The XRP/BTC pair confirms the story. The ratio has been grinding lower for ten days straight, sliding back to early-February support levels.
Source: TradingView (XRP/BTC)
That selloff really drives the point home. While the big names are still holding onto their gains from the (May 8-13 window) when Bitcoin [BTC] ranged near $103k, Ripple has already given back all its gains against Bitcoin.
No surprise, it’s stuck in a tight range below $2.50.
Even with 2,524 fresh whale wallets (holding 10k+ XRP) added during the same timeframe, pushing total whale count to a record 302,197, the price barely budged.
Bottom line? Accumulation is happening, but it’s not translating into momentum, yet.
Derivatives dodge XRP, bets elsewhere
Ripple’s epic November rally last year capped off Q4 with a staggering 266% ROI, earning it the crown as the “best performing asset.”
But behind the scenes, it wasn’t just spot traders cashing in. Instead, derivatives were the real rocket fuel.
By mid-January, XRP’s Open Interest (OI) blasted off to an all-time high near $8 billion, perfectly syncing with its $3.40 yearly peak. Since then, OI has settled into a range between $3 and $5 billion, showing the market cooling off.
Source: Coinglass
Meanwhile, Ethereum’s OI hit a record $33 billion on the 23rd of May, adding nearly $13.5 billion just this month. Solana [SOL] is closing in on its $8.57 billion peak, adding nearly $3 billion in May alone.
The message is loud and clear: Futures liquidity and trader attention have rotated hard into alternative assets, leaving XRP stuck on the sidelines, gasping for momentum.
Unless rotational and speculative capital rotate back into XRP’s corner, the token could stay range-bound.
Even with solid fundamentals, while its rivals keep pushing new highs against BTC, Ripple might just stay off the main action for now.
