XRP Slides 5% After Seven‑Month Leverage Peak on Binance

XRP traded near $1.44 on August 26, slipping 5.36% in the past 24 hours after a strong weekly rally that left the token up 43.7% on the week.

Price movement and market context

The token rose from around $1.00 on August 18 to an intraday high of $1.69 on August 22, delivering gains of more than 50% before retreating to $1.44. Despite the pullback, XRP remains roughly 44% higher week‑over‑week and outperformed most major cryptocurrencies as Bitcoin moved toward $80,000 amid falling U.S. Treasury yields and renewed ETF demand.

Leverage on Binance reaches seven‑month high

CryptoQuant data shows Binance’s estimated XRP leverage ratio climbed to 0.21, the highest reading since January. The ratio compares futures open interest with the amount of XRP held in Binance reserves, indicating a rise in leveraged exposure relative to available supply.

CoinGlass reported futures open interest near $3.45 billion and 24‑hour futures volume of $6.4 billion—more than five times the reported spot volume of $1.2 billion. Long positions dominate on several exchanges: Binance recorded roughly two long accounts for every short, with its top traders showing a three‑to‑one long‑short ratio; OKX showed a similar two‑to‑one bias.

ETF activity and on‑chain signals

The Bitwise XRP ETF saw daily turnover exceed $80 million after two prior sessions above $60 million. The fund held about $494.1 million in net assets on August 24, but turnover reflects share trading rather than fresh capital inflows.

On‑chain data indicated a sharp rise in active XRP addresses, up 654.71% to 356,070, suggesting heightened network participation that often accompanies volatility.

Technical outlook

The daily RSI reached 74.29, above the typical overbought threshold of 70, while the MACD remained bullish (main line 0.1069 above signal line 0.0617). Immediate resistance lies between $1.45 and $1.50, with the next hurdle near $1.56. Support sits at the 24‑hour low of $1.42; a break below could expose the $1.30‑$1.35 zone, while a larger decline may target $1.00‑$1.10.