XRP Open Interest Drops 3x Faster Than Price Amid Market Correction

XRP has experienced a recent price decline, falling from $1.66 to around $1.57, a drop of roughly 5%, according to Cryptoinsightuk.

However, open interest in XRP has decreased at a much faster rate, down about 10% in coin terms and 15% in dollar terms. This mismatch between price and leverage is a significant development in the cryptocurrency market.

Analyst Cryptoinsightuk notes that spot volume has increased considerably around current levels, indicating that buyers are stepping in even as leveraged long positions get flushed out at a rate exceeding the price decline itself.