XRP Open Interest Plunges 23% as Traders Unwind Leverage

XRP open interest on Binance alone dropped from $558 million in August to roughly $423 million now, the steepest slide of any exchange. XRP’s open interest across major derivatives platforms has dropped by about 23% in under a month, falling to roughly $871 million from $1.128 billion in late August. The decline, which wiped out close to $257 million in outstanding positions, points to traders unwinding leverage built up during the summer rally rather than a fresh wave of bets against the token, and it lines up with a difficult week for XRP on the regulatory front. XRP Traders Pull Back as Price Loses Ground CryptoQuant contributor Arab Chain noted that Binance accounted for much of the decline, with open positions falling to $423 million from $558 million in August. Bybit fell to about $291 million from $379 million, while OKX dipped to $107 million from $125 million. That decline points to positions from the earlier rally being closed or liquidated. Arab Chain also stressed that lower open interest does not by itself establish a continuing bearish trend. Instead, it reflects less exposure to derivatives and traders repositioning. The change follows a difficult week for XRP as the...