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Binance XRP derivatives open interest has fallen 15.3% from a six-month high, Crypto Briefing reported, citing CryptoQuant data. As of Oct. 1, open interest in XRP perpetual futures stood at about $485 million. It neared $600 million in September, above the 180-day average of roughly $445 million, but leveraged positions have since declined.
The outlet said funding rates and the long/short ratio of large accounts were not heavily skewed to one side. It added that a rise in both price and open interest could signal strengthening leveraged buying, while an increase in open interest alone as the price stalls or falls could indicate rising short positions or long positions coming under pressure.