XRP derivatives markets are unwinding rapidly after months of leveraged speculation. Open interest (OI) has dropped from a $2.6 billion peak in early 2025 to around $1 billion in early 2026, a decline of roughly 60%. The price slide mirrored this move: XRP fell from above $3.20 in July 2025 to near $1.39, losing more than 55% of its value.
Open Interest Collapse from $2.6B to $1B
From early 2024 to late 2024, XRP OI stayed between $200 million and $500 million — a period of muted speculative activity. The landscape changed dramatically into 2025, with OI surging to $2.4–$2.6 billion, led by leverage on Binance and Bybit. A second peak in mid-2025 pushed OI above $2.5 billion again, but the buildup proved unsustainable.
Since then, OI has fallen steadily from above $2 billion to below $800 million at its lowest in early 2026. The current level of $400–$600 million marks a return to a more normalized range. The unwinding coincided with massive long liquidations, which added downward pressure as leveraged positions were forced to close.
Price Halved from $3.20, Volume Drops
XRP's price chart shows a clear downtrend with lower highs and lower lows since the $3.00 area. The 200-day moving average (MA200) acted as strong resistance, and the MA50 crossed below the MA200, forming a prolonged death cross that confirmed bearish control.
A brief rally in January pushed XRP to $2.30, but it failed near the MA200. The subsequent sell-off drove the token to $1.20–$1.30 on heavy volume. Currently, XRP trades between $1.37 and $1.45, near both moving averages. Resistance sits at $1.45–$1.55, while support lies at $1.35 and $1.20. Volume has declined since February, suggesting reduced selling pressure and a shift toward consolidation.