XRP Market Resets to February Levels After Federal Reserve Decision

The recent Federal Reserve decision has triggered a wave of post-deleveraging in the XRP market, with derivatives activity compressing to levels not seen since February. According to a report from CryptoQuant, Binance open interest for XRP fell to approximately $208 million on April 29, bringing leverage levels back to the same area recorded in February.

The deleveraging event has removed excess leverage and cleared fragile positions, but spot demand remains weak. The report notes that all CEX Estimated Spot CVD has declined to approximately $920 million since April 17, indicating a weakening of underlying buying activity across centralized exchanges.

A decisive break above $1.45 could shift the market structure and expose $1.60, while failure to hold $1.33-$1.35 may trigger a move back toward $1.25. The report highlights that the current setup is not straightforwardly constructive, with two forces moving in the same direction simultaneously.