XRPUSD Sees Renewed Trader Interest Amid Dwindling On-Exchange Supply

Recent data suggests renewed interest in XRPUSD among traders. Whale deposits to Binance have reached six-month highs, while futures open interest has surpassed pre-vote levels as the price moves in tandem with a broader crypto risk-on rally.

The split between derivatives and spot volumes is notable, with $5.51B in futures traded against $1.29B in spot volume. The heavy use of leverage and greater derivatives liquidity are indicated by an open interest of around $3.05B.

However, the on-exchange supply of XRP has shrunk to a seven-year low due to dwindling exchange reserves, which fell to approximately 1.7B. This decrease in supply comes after a significant $5.15M ETF outflow on Thursday, the largest daily outflow since September 2.

Evernorth received a $30M convertible-note funding from NH Investment to purchase XRP spot, potentially boosting XRPUSD spot holdings ahead of its planned Nasdaq listing via a SPAC merger.