XRP Open Interest Drops as Traders Reduce Leverage Exposure

XRP's open interest on Binance has dropped to $521.5 million, down 15.3% from its six-month high of $616.1 million reached on September 22. This decline in speculative exposure suggests that traders have been reducing risk faster than the market is giving back gains.

The reduction in open interest coincided with a broader easing of leverage metrics across Binance, including funding rates and estimated leverage ratios. Despite this, leverage remains above its six-month average of 0.169.

Interestingly, XRP's price remained relatively resilient, closing at $1.49 on September 29, only 5.2% below its six-month high of $1.572 reached a week earlier. This could indicate that traders are scaling back risk rather than selling spot holdings.