Recent market data shows that the 'leverage market' for XRP (that is, derivatives like futures and perpetual contracts) has experienced a noticeable cooling down. Simply put: many people used to leverage bets that XRP would rise, but now most have withdrawn, making the market more calm and conservative.

According to the latest data from Glassnode, at the beginning of October, there were 1.7 billion XRP in open futures contracts, indicating that many people were using leverage to go long at that time. Now only 700 million remain, which means that 1 billion in leveraged positions have been liquidated or cleared, reducing leverage levels by 59%.

This is not a small pullback, but a complete deleveraging, almost washing out the overly speculative parts of the market.

The financing rate has also changed significantly:

Previously, the financing rate was about 0.01%, indicating that market sentiment was very bullish;

Now it has dropped to 0.001%, nearly approaching 'neutral'.

In other words:

Previously, everyone was willing to spend money to go long, but now no one wants to pay a premium to bet on a rise.

On-chain data also provides context.

Glassnode pointed out:

From September to November, a large amount of 'profit-taking' occurred when the XRP price fell, indicating that old players are reducing their positions.

Currently, 41.5% of XRP is at a loss, showing that the market structure is unstable, and many people have entered positions at high levels.

Overall:

XRP has now entered a phase of 'speculative boom retreating.' Leverage has been cleared, funding sentiment has calmed, and profit-taking has occurred, bringing the market back to a healthier but more fragile state.