XRP Price Holds Steady as Binance Open Interest Falls 15.3%

XRP has shown resilience as its price held steady despite a 15.3% drop in Binance open interest from its recent six-month high.

The Crypto Basic reported that XRP's derivatives market had cooled down without a sharp price drop, signaling a shift away from overheated positions.

Data from CryptoQuant Quicktake showed Binance XRP open interest stood at $521.5 million on September 29, down from $616.1 million on September 22. Meanwhile, the price of XRP closed at $1.490 on the same day.

Liquidation patterns also changed, with short liquidations totaling $13.7 million on September 21 when XRP rose above $1.50. After that peak, pressure shifted to leveraged long positions, which saw average daily liquidations of $3.72 million from September 24 to 29.

Binance derivatives indicators also pointed to a decrease in leverage, with the estimated leverage ratio falling to 0.197 from 0.230 at the September 22 peak. However, this still exceeds the six-month average of 0.169.