XRP Derivatives Exposure Plummets as Traders Unwind Summer Leverage

XRP's open interest in derivatives has declined by approximately 23% in just over a month, falling from $1.128 billion in late August to around $871 million now.

The drop is largely attributed to traders unwinding leverage built up during the summer rally rather than a fresh wave of bets against the token.

Binance accounted for much of the decline, with open positions plummeting from $558 million in August to roughly $423 million currently.

This development comes after XRP experienced a difficult week, with its price declining 8% following the Senate's failure to advance the CLARITY Act on September 15.