XRP saw a big jump in derivatives activity over the past day, with volume up 43.1% to $4.42 billion, according to CoinGlass. This move is really noticeable on a market that has otherwise been pretty cautious, where most major assets have not changed much in terms of flow and positioning. Even though the volume jumped, open interest in XRP futures dropped 2.04% to $4.78 billion. That drop suggests the surge is being driven by short-term trades — rapid entries and exits — rather than new long-term positions building up. Options activity also picked up, with volume climbing 13% and open interest increasing slightly, pointing to a growing layer of speculative bets and risk hedging. Exchange data offers more insight into where sentiment is landing. On Binance, the long/short ratios for XRP/USDT are high — above 3.1 for both retail and top traders. OKX also shows a similar bias toward longs. But looking at the market as a whole, the 24-hour long/short ratio is at just 0.89, which suggests that smaller or off-platform traders might be leaning short or taking a step back together. Flush imminent? Liquidation figures back up the idea of a crowded long trade. XRP saw $9.1 million in liquidations, with over $8.4 million coming from long positions. Most of those were cleared during some big price swings earlier in the day, showing that the market moved too fast for a lot of leveraged traders to adjust. XRP's price has bounced back from a low earlier in the week, and it is now sitting above $2.29. But this does not seem like a breakout. The volume is high, but with open interest down and long-side liquidations spiking, it looks like the activity is driven by short-term setups rather than conviction buying.