XRP Futures Market Sees High-Stakes Battle Between Bulls and Bears
XRP's Open Interest (OI) has seen significant growth, leading to a high-stakes battle between bulls and bears in the futures market. According to CryptoQuant, Binance's traders are engaging in a high-pressure competition with both short-sellers and bulls being constantly liquidated.
The spot market-topping derivatives liquidity is extremely sensitive around the $1.43, $1.60 level, making drastic XRP price movements prone to a cascade of liquidations at this territory.
On the previous day, Binance's exchange reserves dropped to 2.62 billion XRP as the price retreated to $1.43 (3.17%). Long liquidations surged by +31.8% ($4.66M) while shorts hit +61.6% ($1.13M) in leverage being cleared on both sides after last week's 55% XRP price spike.
In the past 24 hours, $13.37 million were liquidated in excessive leverage. While bulls led with $7.37 million during the pullback, XRP's short-sellers also incurred a substantial deficit of $6 million. The Open Interest (OI) scorched towards $3.55 billion, while XRP's big bull test remains at $1.50.