According to data from Coinglass, open interest has increased 46% since Monday to a record high of $7.6 billion. This is the highest level of open interest recorded by the analyst firm. "Judging from the XRP options data alone, there is more interest in call options than put options, which indicates a high level of bullish sentiment," Nansen Research analyst Nicolai Sondergaard said. "The ratio of puts to calls is also below 1, further evidence that calls are more interested." Sondergaard emphasized that the ratio of puts to calls had increased over the past day, indicating that traders are increasingly using puts to hedge their long positions.