Binance XRP open interest has fallen 15.3% from its six month high, dropping from $616.1M on September 22 to $521.5M on September 29.
What’s interesting is that XRP’s price has only pulled back 5.2% from its six month high over the same period.
That means leverage is unwinding faster than price is falling. Funding and the estimated leverage ratio have also cooled, suggesting traders are reducing risk rather than aggressively exiting the spot market.
For now, the clearest reading is simple, XRP shed leverage while holding most of its gains.
#BTC Price Analysis# #Macro Insights# $XRP $BTC
What’s interesting is that XRP’s price has only pulled back 5.2% from its six month high over the same period.
That means leverage is unwinding faster than price is falling. Funding and the estimated leverage ratio have also cooled, suggesting traders are reducing risk rather than aggressively exiting the spot market.
For now, the clearest reading is simple, XRP shed leverage while holding most of its gains.
#BTC Price Analysis# #Macro Insights# $XRP $BTC
