XRP's Leverage Unwinds as Open Interest Dives by 23%

XRP's open interest has dropped by about 23% in under a month, falling to roughly $871 million from $1.128 billion in late August.

This decline wiped out close to $257 million in outstanding positions and points to traders unwinding leverage built up during the summer rally rather than a fresh wave of bearish bets.

The drop coincides with a difficult week on the regulatory front that raises downside risk for adoption and price in the crypto derivatives market.