XRP experienced a notable 5.72% price increase over the past 24 hours, despite a 5.26% drop in futures open interest to $3.50 billion. This decline in open interest indicates a cautious stance among traders, with many opting to close positions rather than increase exposure. Additionally, a significant $500 million XRP transfer from a Ripple-linked account to a new wallet on October 17 has sparked curiosity. The recent price recovery appears to be driven by spot buying and short covering, rather than robust institutional demand, as traders adjust their strategies in response to market conditions.