XRP Binance open interest has fallen 15.3% from its six-month high as leverage, funding and long positioning cool while price holds most of its recent gains.
XRP traders on Binance have reduced leverage sharply after last week’s rally, with open interest falling 15.3% from its six-month peak. However, XRP price has given back only 5.2% from the corresponding high, suggesting derivatives positioning has cooled faster than spot price.
A CryptoQuant Quicktake shows Binance XRP open interest at $521.5 million on Sept. 29, down from a six-month high of $616.1 million on Sept. 22. XRP closed Sept. 29 at $1.490, compared with its six-month closing high of $1.572 on Sept. 22.
XRP Long Traders Take the Bigger Hit
The liquidation chart shows how positioning changed around XRP’s September rally.
Short liquidations peaked at $13.70 million on Sept. 21, the highest level in six months, as XRP pushed above $1.50. However, pressure shifted toward leveraged longs after the price peak.
From Sept. 24 through Sept. 29, long liquidations averaged $3.72 million per day, or roughly 2.6 times the six-month daily average of $1.43 million. Long liquidations also reached $8.43 million on Sept. 23 and $5.66 million on Sept. 28.
This suggests part of XRP’s recent derivatives buildup has been cleared without an equivalent drop in price.
Funding and Leverage Also Cool
Other Binance derivatives metrics confirm the reset.
The estimated leverage ratio fell from 0.230 at the Sept. 22 peak to 0.197, while funding declined from around 0.010 to 0.005.
Still, leverage has not returned to its longer-term baseline. The current 0.197 reading remains above the six-month average of 0.169.
This follows an earlier phase covered by The Crypto Basic when Binance XRP open interest stood at $477.1 million and the leverage ratio at 0.181 amid unusually heavy exchange flows. The subsequent rise to $616.1 million shows how quickly leverage expanded into the Sept. 22 price peak.
Binance XRP Reserve Remains Above Baseline
The spot-side picture adds another layer.
Binance’s XRP reserve averaged around 2.68 billion XRP over the latest seven days, approximately 2.4% above its 90-day baseline of roughly 2.62 billion XRP.
At the same time, XRP Ledger transactions averaged 1.96 million per day, up 23% week over week.
A higher exchange reserve means more XRP is available on Binance, but it does not prove holders are preparing to sell. The flow dataset also has missing Binance inflow readings on four of the latest 14 days, so CryptoQuant excluded weekly flow comparisons from this analysis.
Taken together, the clearest change is in derivatives positioning: open interest, funding and leverage have all declined from their peaks while XRP has retained most of its Sept. 22 price level.
CryptoQuant’s reading is that positioning is resetting. With leverage still above its six-month average and Binance reserves elevated versus the 90-day baseline, the data does not yet establish whether XRP’s next move will be higher or lower.