$XRP ’s Binance Leverage Reset Doesn’t Mean the Selloff Is Over.
XRP is trading near $1.05, while Binance’s open interest and estimated leverage ratio have both fallen to three-month lows. At first glance, this suggests traders have significantly reduced their exposure. However, the broader derivatives picture shows that the reset is largely concentrated on Binance, not across the entire market.
According to CryptoQuant data, Binance’s XRP open interest has dropped back to approximately $189 million, close to its August level of $182 million. Bybit has moved in the opposite direction, with open interest rising from $229 million to $255 million over the same period. Bybit now leads Binance by $66 million, indicating that leveraged positioning remains elevated elsewhere.
The decline in Binance’s estimated leverage ratio, now around 0.14, also needs context. The metric compares open interest with exchange reserves, and Binance’s XRP reserves recently fell roughly 12% before recovering about 10%. That rebound helped push the leverage ratio lower, meaning part of the improvement reflects recovering reserves rather than traders closing positions. The figures therefore do not confirm a complete market-wide deleveraging.
Price action remains the next important test. The $0.99–$1.03 area is the key support zone, while $1.08–$1.11 represents the first recovery band. Holding support and reclaiming $1.08 would strengthen the case for stabilization. A daily close below $0.99 would weaken that outlook. For now, Binance’s positioning has reset, but Bybit’s larger exposure suggests the broader derivatives market has not fully followed.
#xrp
XRP is trading near $1.05, while Binance’s open interest and estimated leverage ratio have both fallen to three-month lows. At first glance, this suggests traders have significantly reduced their exposure. However, the broader derivatives picture shows that the reset is largely concentrated on Binance, not across the entire market.
According to CryptoQuant data, Binance’s XRP open interest has dropped back to approximately $189 million, close to its August level of $182 million. Bybit has moved in the opposite direction, with open interest rising from $229 million to $255 million over the same period. Bybit now leads Binance by $66 million, indicating that leveraged positioning remains elevated elsewhere.
The decline in Binance’s estimated leverage ratio, now around 0.14, also needs context. The metric compares open interest with exchange reserves, and Binance’s XRP reserves recently fell roughly 12% before recovering about 10%. That rebound helped push the leverage ratio lower, meaning part of the improvement reflects recovering reserves rather than traders closing positions. The figures therefore do not confirm a complete market-wide deleveraging.
Price action remains the next important test. The $0.99–$1.03 area is the key support zone, while $1.08–$1.11 represents the first recovery band. Holding support and reclaiming $1.08 would strengthen the case for stabilization. A daily close below $0.99 would weaken that outlook. For now, Binance’s positioning has reset, but Bybit’s larger exposure suggests the broader derivatives market has not fully followed.
#xrp
