XRP futures open interest has plummeted 70% from its peak five months ago, dropping to $203 million. This sharp decline mirrors conditions seen in April 2025, which preceded a significant price rally, raising questions about whether excessive leverage is being flushed from the market once again.
The total open interest for XRP futures across major crypto exchanges has plunged 70% from its peak five months ago, settling at $203 million. This sharp drop mirrors levels seen in April 2025, a period that immediately preceded a significant price rally for the digital asset.
Data compiled by market analyst Amr Taha shows that XRP’s aggregate open interest has cratered from $660 million in October 2025 to just $203 million. Binance, the dominant venue for XRP derivatives, has seen its OI dip below $270 million, a threshold last witnessed on April 8, 2025.
“Historically, such phases have aligned with local bottoms, as excessive leverage is flushed out and market conditions reset,” Taha noted. The analyst suggested that the current combination points to forced liquidations and voluntary exits rather than new speculative build-up.
Separate data highlighted by Arab Chain shows XRP’s 30-day realized volatility on Binance reaching 1.16, its highest level since March 2025. At the time of writing, the Ripple token was trading around $1.35, having dipped nearly 2% in the last 24 hours and remains down almost 17% over 30 days.
