XRP Market Sees Significant Decline in Speculative Leverage

A recent decline in open interest across major exchanges has resulted in billions of dollars being wiped from speculative leverage in the XRP market.

According to data from top analyst Xaif Crypto, Binance saw a drop of 7.7 million XRP in open interest, while Bybit lost 12 million and Kraken shed another 8.3 million. This decline in open interest is not limited to a single exchange, but rather occurred across platforms simultaneously.

The chart showing the 90-day open interest change indicates repeated deep red dips across multiple exchanges, particularly on Bybit and Binance. These declines represent aggressive deleveraging, which can signal forced liquidations or traders closing positions in size.

Historically, when open interest drops as aggressively as it has in this case, it often resets the derivatives market, normalizes funding, clears out crowded positioning, and makes the market less fragile.