XRP Funding Rate Turns Negative on Binance

The XRP funding rate on Binance has turned negative for the first time in 14 trading sessions, slipping to -0.002.

This change occurred after a round of liquidations across XRP's derivatives market, where both long and short traders faced heavy losses, resulting in $14.2 million being cleared from the derivatives market.

The liquidations also caused a drop in open interest, with XRP's open interest falling from $558 million to $478 million, a 14% decline.

The estimated leverage ratio fell from 0.203 to 0.182, but remains above the six-month average of 0.164, suggesting that some leverage still remains in the market.