Crypto
XRP Leverage Soars as Token's 44% Rally Brings Back Pullback Risk
XRP's price surge has brought back leverage to the derivatives market, with Binance's estimated leverage ratio reaching its highest level since January. The token gained around 44% over the past week, pushing above $1.50 before pulling back to around $1.44.
According to CryptoQuant data, XRP's estimated leverage ratio on Binance has climbed to around 0.21, its highest level since January. This suggests that leveraged exposure is rising relative to the amount of XRP held on the exchange.
The increase in leverage comes as traders pile into XRP futures. CoinGlass data showed roughly two long accounts for every short account on Binance on Wednesday, with top traders having a ratio closer to three-to-one.