XRP Open Interest Falls 32% on Binance Amid Rising Spot Selling

Derivatives exposure for XRP has contracted sharply since late August, with traders cutting leveraged positions while aggressive selling dominates both spot and perpetual markets.

Open Interest Decline on Binance

Cryptoquant data shows Binance’s XRP open interest fell from roughly $323 million on Aug. 22 to about $219 million on Sept. 17, a drop of approximately 32%. During the same period XRP’s price declined about 11%, indicating that open interest contracted nearly three times faster than the token’s price.

Spot Selling Outpaces Futures

Estimated cumulative volume delta (CVD) – the net of aggressive buys versus sells – turned more negative across centralized spot exchanges, moving from around –$111 million on Aug. 22 to –$2.1 billion on Sept. 17. Binance’s perpetual futures CVD also deepened, falling from roughly –$361 million to –$1 billion.

Implications of Deleveraging

The simultaneous drop in open interest and increasingly negative CVD suggests traders are closing leveraged positions while sell‑side taker activity remains elevated. A smaller derivatives base may lower overall leverage and reduce the risk of liquidation cascades.

Broader Market Context

Institutional interest in XRP continues, with 21Shares highlighting the token’s fixed supply and utility, and U.S. spot XRP ETFs recording net inflows exceeding $1.70 billion as of Sept. 9. Legislative developments remain unsettled; the Senate rejected cloture on a federal digital‑asset market‑structure bill on Sept. 15, though Ripple maintains that the outcome does not affect its U.S. legal standing.