XRP's Price Struggles Reflect Declining Leverage and Open Interest

XRP's recent price struggles have been accompanied by declining leverage and Open Interest in the derivatives market, according to new data from CryptoQuant analyst CryptoOnChain.

The token's price has remained below $1.10 since August 3, with a current price of $1.06, representing a 1.98% decline over the past week.

CryptoOnChain pointed out that XRP's Open Interest has dropped to between 362 million and 369 million over the past few days, its lowest levels in six months, while leverage has fallen to a range of 0.139 to 0.142, close to its six-month low of 0.133.

The analyst noted that the liquidation data showed a balanced pattern between long and short positions, rather than the one-sided wipeout typically seen during forced deleveraging events.