XRP Open Interest Drops 50% to $4.22 Billion in Market Shakeup

The XRP market has experienced a significant shift, with Open Interest (OI) dropping over 50% in one weekend. According to Coinglass data, XRP’s futures open interest decreased to about $4.22 billion by October 14, indicating a negative change in market sentiment.

Key Developments

XRP's open interest fell from $8.36 billion to $5.12 billion on October 11, a decline of 38.7% in 24 hours.
Overall, the OI dropped 50% from October 10, reaching approximately $4.22 billion.
Binance, a major exchange for XRP derivatives, saw its open interest drop from $1.3 billion on October 8 to $607.21 million by October 14, a 53.4% decrease.
The decline in open interest coincided with a price crash, with XRP falling from $2.4 to $0.8 before rebounding above $1.5.
Current market movements suggest spot buying rather than leveraged trading is driving the price rally.

Technical Analysis

XRP faces resistance at the $2.65 level. A successful breakout could lead to rapid price increases, potentially reaching new all-time highs.
Crypto analyst Matthew Dixon notes a completed WXY corrective wave and suggests that overcoming the $2.65 barrier may accelerate XRP's price.

XRP

The market sentiment remains cautious, reflecting a transition from speculative futures trading to spot buying.