XRP Derivatives Open Interest Falls as Spot Liquidity Rebounds
Ripple's XRP has seen a sharp rise in price from its August low, but derivatives open interest on major exchanges has declined.
Data from Bybit and Binance shows that XRP open interest has fallen sharply over the past few weeks. On September 12, Bybit's XRP open interest was at minus 37.5 million XRP, down from a rise of about 61 million XRP on August 18.
A similar trend is seen on Binance, where XRP open interest fell to around minus 53 million XRP on September 15, down from minus 39 million XRP on July 10. Meanwhile, the price of XRP has risen about 36% over the same period.
However, it's difficult to draw conclusions about market direction based on a decline in open interest alone, as data do not distinguish between long and short liquidations. Spot liquidity on Binance has improved, with a 30-day XRP liquidity turnover of $4.6 billion, the highest in six months.