XRPL open interest sits at 912.8M right now, a fraction of the nearly 4B it hit at its September 2025 peak. Price's down too, $1.30 against highs above $3 during that same window, but it's the shape of this decline that actually caught my eye.
Looking at the full chart, open interest and price tracked each other fairly closely through most of 2024, both small and range bound, until price broke above $2 in November 2024 and open interest exploded right alongside it. It peaked near 3.9B that January, pulled back, then spiked to its all time high just under 4B in September 2025 as price made a second run toward $3.70.
What happened right after that peak is the part worth actually paying attention to. Open interest collapsed from nearly 4B toward 1B in just a few months, and that drop was proportionally much steeper than price's own decline, price fell roughly 44% over the same stretch, open interest fell closer to 75%. I'd read that as leverage getting forced out faster than price itself was falling, not just a market quietly drifting lower.
Personally, what stands out most now is how both lines have basically flatlined since early 2026, open interest stuck in a tight 600M to 1.3B range, price chopping between $1.80 and $2.50 before this latest pullback.
My honest read: there's meaningfully less leverage sitting in this market than there was a year ago, even accounting for the lower price. That's not necessarily bearish, it just means less fuel built up for a violent move in either direction right now compared to last year's setup.
What I'm watching: whether open interest actually starts rebuilding as price tries to recover, or whether it stays this subdued even if XRP pushes higher from here.
$XRP #Altcoin Season# #Meme Alpha# #BNBChain#
Looking at the full chart, open interest and price tracked each other fairly closely through most of 2024, both small and range bound, until price broke above $2 in November 2024 and open interest exploded right alongside it. It peaked near 3.9B that January, pulled back, then spiked to its all time high just under 4B in September 2025 as price made a second run toward $3.70.
What happened right after that peak is the part worth actually paying attention to. Open interest collapsed from nearly 4B toward 1B in just a few months, and that drop was proportionally much steeper than price's own decline, price fell roughly 44% over the same stretch, open interest fell closer to 75%. I'd read that as leverage getting forced out faster than price itself was falling, not just a market quietly drifting lower.
Personally, what stands out most now is how both lines have basically flatlined since early 2026, open interest stuck in a tight 600M to 1.3B range, price chopping between $1.80 and $2.50 before this latest pullback.
My honest read: there's meaningfully less leverage sitting in this market than there was a year ago, even accounting for the lower price. That's not necessarily bearish, it just means less fuel built up for a violent move in either direction right now compared to last year's setup.
What I'm watching: whether open interest actually starts rebuilding as price tries to recover, or whether it stays this subdued even if XRP pushes higher from here.
$XRP #Altcoin Season# #Meme Alpha# #BNBChain#