XRP open interest sheds $2.4B: Is a price crash next?
Main Idea
XRP's price has dropped 15% since its peak on July 18, accompanied by a $2.4 billion decrease in futures open interest, indicating a reduction in bullish leverage but still showing neutral market sentiment.
Key Points
1. XRP fell 15% from its peak of $3.66 on July 18, with futures open interest dropping by $2.4 billion (21% in USD terms).
2. Leverage fueled XRP's 68.7% rally between July 1 and July 18, but open interest has since declined to $8.8 billion, with liquidations totaling $325 million in the two weeks ending July 25.
3. Despite the drop, open interest remains 48% higher than a month ago in XRP terms, suggesting caution is warranted.
4. XRP futures have maintained a neutral sentiment, trading at a 6% to 8% premium, even during the $3 price retest and ETF speculation.
5. The XRP Ledger's DeFi adoption remains low, with only $134 million in tokenized assets and minimal DEX activity compared to other blockchains like Sui and Sei.
Description
XRP futures data shows neutral sentiment despite the altcoin’s double-digit price drop from $3.66.
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