Crypto
XRP Price Surges Amid Weakening Derivatives Activity
XRP's derivatives activity has weakened on exchanges despite its price trading well above August lows.
The cryptocurrency's open interest on Bybit has seen a sharp decline, falling from 61 million XRP in August to -37.5 million XRP by September 12, according to CryptoQuant author Amr Taha.
This swing of about 98.5 million XRP in just 25 days shows that open positions have fallen sharply, even as the price rose from $1.00 on August 18 to $1.37 on September 12, a gain of roughly 36%.
A similar trend is visible on Binance, where XRP's open interest fell to -53 million XRP by September 15, compared with around -39 million XRP on July 10.