Bottom line first: XRP open interest fell 1.8% in a day, longs haven’t fully pulled back, and positive funding is still paying shorts.
Open interest is about $2.17 billion, down 1.78% over the past 24 hours. Binance open interest fell 1.32%, OKX dropped 2.41%, and Hyperliquid only declined 0.12%, showing leverage is getting lighter.
The funding rate direction is very clear: Binance’s 8-hour funding rate is about 0.0058%, which annualizes to about 6.35% at the current pace; OKX is about 0.0021%, annualizing to about 2.25%. Both are positive funding rates, meaning longs pay shorts, and shorts are collecting.
In the past 24 hours, XRP liquidations totaled $2.167 million, of which longs accounted for $1.257 million, or 58%. In the last 4 hours, the reverse happened: shorts were liquidated for $48,000, or 71% of the total, meaning those chasing the short side were squeezed out first, while longs remained the main side taking losses.
Open interest is falling, funding rates are positive, but liquidation direction is shifting—XRP looks more like it's deleveraging. Which do you think will come first in the next wave: long liquidations or a short squeeze?
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