XRP\u2019s 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.<\/p>\n
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.<\/p>\n
CryptoQuant contributor Arab Chain noted<\/a> 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.<\/p>\n 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.<\/p>\n The change follows a difficult week for XRP as the token fell<\/a> 8% in the 24 hours following the Senate\u2019s failure<\/a> to advance the CLARITY Act on September 15. It dropped from around $1.46 toward $1.27 as selling intensified, with cumulative volume delta falling to negative 10.5 million.<\/p>\n The latest CoinGecko snapshot has XRP around $1.30, having barely moved over 24 hours. However, it is down nearly 7% over seven days and 5.5% in the last 14 days, although it is still up more than 30% across one month. Trading volume is about $3.6 billion, down 39% from the previous day.<\/p>\n Analyst ChartNerd wrote<\/a> on X on September 17 that XRP was \u201chugging\u201d its weekly 20 EMA at $1.29. A weekly close above that level, in his opinion, could set up a rebound, while a close below it would leave room for another retracement.<\/p>\n On September 10, he had also identified $1.29 as the first area to watch if XRP continued rejecting the 50-period moving average. That technical level matters because the latest selloff weakened an earlier bullish setup. XRP previously held expectations of a move toward $1.70-$1-78, but analyst Diana said<\/a> the loss of $1.34 pushed the token toward $1.26.<\/p>\n The $1.24-$1.26 zone is now being watched, with $1.14 to $1.10 and then $1.00 entering the discussion if support fails.<\/p>\n The drop in derivatives exposure also comes after XRP\u2019s earlier surge, with 85 new wallets holding at least 1 million XRP appearing<\/a> two days before the August 17-21 rally that saw the token jump 70%.<\/p>\n The post XRP Open Interest Plunges 23% as Traders Unwind Leverage<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" XRP\u2019s 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-228628","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/228628"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=228628"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/228628\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=228628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=228628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=228628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Market Is Testing a Weekly Support Level<\/h2>\n