According to market reports, open futures positions on XRP have grown sharply this month, even as the token struggles to push past the $3 mark.CryptoQuant data shows open interest near $2.92 billion, while Coinglass reports a much higher $8.94 billion figure, reflecting wider market coverage that includes venues such as the CME.Open Interest Climbs Despite Price HurdlesReports have disclosed that XRP’s open interest rose from $2.34 billion on September 25 to roughly $2.92 billion as of Monday.That increase comes at the same time the token moved from a low of $2.74 to about $2.99, nearly 10%. Yet trading activity has not kept pace. Volume fell by 10% over 24 hours to $5.76 billion, which suggests fewer spot trades are backing the surge in futures bets.Different data providers tell different parts of the story. CryptoQuant pulls figures from major crypto exchanges and shows OI near $2.92 billion. Based on broader coverage, Coinglass places the number at $8.94 billion. The gap is largely explained by the range of exchanges counted.Some venues that handle large futures flows, including margin and institutional platforms, are captured by one service and not the other. That matters because the total picture of positions across markets can change how a price move plays out.Speculators Build Positions While Volume EasesTraders appear to be building more futures positions even while outright trading slows. Margin-based bets have grown. That makes the market more sensitive to price swings.When open interest increases into a firm resistance level — here, the psychological and technical barrier around $3 — a failed breakout can quickly trigger forced exits and sharp moves in either direction. Put simply: more open bets without matching spot volume raises the odds of sudden volatility.ETF Hopes Add A Different LayerInstitutional optimism is also in the mix. In an interview with Paul Barron, Canary Capital CEO Steven McClurg raised his initial estimate for potential XRP ETF inflows from $5 billion to as much as $10 billion.He suggested ETF demand could reach $2–3 billion on day one under favorable market conditions. Those projections are drawn from past ETF launches and the large allocation some institutional buyers showed for early Bitcoin products.Reports have also highlighted ongoing talks between the SEC and the CFTC about crypto oversight, a development that could affect ETF approvals and market access.SEC commissioner Paul Atkins has been pressing for what he calls an “innovation exemption” to speed certain approvals. Until clearer rules are in place, big institutional moves remain possible but not guaranteed.Featured image from Vecteezy, chart from TradingView