Crypto
XRP Binance Open Interest Falls as Traders Cut Leverage
XRP's Binance open interest has fallen by 15.3% from its six-month high as traders reduced leverage after last week's rally.
According to CryptoQuant, XRP's Binance open interest dropped from $616.1 million on September 22 to $521.5 million on September 29.
This decrease in derivatives positioning has not been accompanied by a significant drop in price, with XRP retaining most of its recent gains.
Long liquidations averaged $3.72 million per day from September 24-29, indicating that part of XRP's recent derivatives buildup has been cleared without an equivalent drop in price.