XRP Leverage Drops 15% Amid Stable Whale Holdings

XRP's leverage has dropped significantly, indicating a shift in market positioning. According to data from CryptoQuant, Binance XRP open interest fell 15.3% to $521.5 million, down from its six-month high of $616.1 million on September 22. This decline in leverage is faster than the underlying price, which is currently 5% below its six-month high of $1.572.

Crypto chart analyst Ali Martinez noted that XRP whale holdings have remained largely unchanged over the past week at around 3.90 billion XRP, suggesting a lack of significant accumulation or distribution among large holders. This stability in whale balances contrasts with the decline in derivatives positioning.

The average long liquidations on Binance were $3.72 million per day from September 24 through September 29, which is 2.6 times the six-month daily average of $1.43 million. The estimated leverage ratio also declined from 0.230 to 0.197, but remains above its six-month average of 0.169.