XRP Market Weakness Persists Despite Lower Sell Pressure

XRP has been experiencing weakness in recent times, with decreased activity across all boards. Traders are no longer eager to take on new positions, and demand has not yet picked up.

According to Cryptoquant, XRP's Open Interest (OI) fell to around $773.5 million, a significant drop from May levels above $1 billion. This decline in OI suggests that leveraged traders may be reducing their exposure.

The fall in OI could help alleviate some of the liquidation-based pressure on the market. However, there has not been sufficient participation to drive up demand and prices. XRP's market cap also fell to about $10.89 billion, indicating a lack of new capital entering the market.

The NVT ratio remains elevated, implying that network activity is still weak and not strong enough for a recovery. Additionally, Binance reserves have fallen to around 2.62 billion XRP, leaving limited tokens available for selling.