- XRP’s open interest on Binance has dropped below $200M, matching early 2024 levels amid steady price action above $2.60.
- CryptoRus noted that leverage has flushed out, leaving strong holders as potential catalysts for the next price expansion.
- Xaif Crypto noted a solid rebound from ascending channel support, signaling XRP’s continued structural uptrend.
XRP’s derivatives market is showing unusual behavior as open interest levels hit multi-month lows while prices remain steady above $2.60. According to CryptoRus, the current setup resembles conditions seen in May 2025, when XRP surged from $0.70 to $3.50 after a similar reset in leverage.
He noted that the drop in open interest to early-2024 levels indicates that speculative positions have been flushed out, leaving mainly strong holders in control. The absence of excessive leverage, he added, could provide the foundation for a new upward move if liquidity returns.
Open Interest Returns To Early 2024 Levels
Data from Binance shows XRP’s open interest falling below $200 million, levels last recorded at the start of 2024. During that earlier phase, XRP traded between $0.45 and $0.60 before a strong breakout in November 2024.
Open interest then increased sharply from under $400 million to over $1.6 billion, aligning with a rapid price climb from roughly $0.60 to more than $2.80. The surge reflected heavy leveraged buying pressure as traders anticipated extended gains.
However, this phase of aggressive speculation was followed by sharp corrections. By March 2025, open interest had declined to around $500 million, and XRP’s price fell near $0.70. The move showed widespread liquidation of long positions and cooling enthusiasm across futures markets. A partial recovery followed in mid-2025 when XRP rebounded above $2.50 and open interest peaked again near $1.7 billion.
Strong Holding Despite Leverage Flush
The renewed decline in October 2025, which drove open interest to its lowest point since early 2024, indicates another major deleveraging event. Yet, unlike past instances, XRP’s spot price has remained relatively stable above $2.60.
According to CryptoRus, this stability suggests that most leveraged traders have exited, but long-term investors are continuing to hold their positions. He added that if new liquidity flows into the market under these conditions, a strong price expansion could follow.
Potential Breakout Setup
Xaif Crypto noted that XRP recently bounced off an ascending channel support on the weekly timeframe. He described this technical reaction as a “solid rebound,” suggesting that the asset is maintaining its structural uptrend.
The pattern shows renewed demand within the spot market even as derivatives activity declines. If sustained, the combination of low leverage and consistent spot buying could lead to XRP’s next major rally, similar to previous breakout cycles.
