TLDR:
- XRP futures open interest reached 435.1M on Binance, pushing its 30-day Z-Score to about 1.20.
- A Z-Score above 1.0 shows above-average open interest, not necessarily a bullish direction.
- XRP Ledger wallets holding over 1M tokens grew by 32 in three months, Santiment data shows.
- RLUSD has grown into a key institutional stablecoin while XRP trades near $1.00 to $1.02.
XRP open interest on Binance remains elevated even as the token’s price continues to soften, data shows. Open interest in XRP futures contracts has reached roughly 435.1 million XRP, well above the 30-day moving average near 403.6 million XRP.
The gap has pushed the Open Interest Z-Score to about 1.20, a level that points to derivatives activity running above typical ranges.
XRP traded near $1.01 at the time of writing, reflecting continued price weakness despite this elevated positioning.
Source: Coingecko
Open Interest Data Points to Active Derivatives Positioning
The standard deviation for XRP open interest over the past 30 days stands at approximately 26.3 million XRP. Measured against this range, current open interest sits more than one standard deviation above the recent average.
This places the Z-Score reading at roughly 1.20, a figure traders often watch for shifts in derivatives behavior. A high Z-Score does not automatically point to a bullish setup. The metric only tracks the volume of open positions on the exchange.
Source: Cryptoquant
It does not separate long positions from short ones in the underlying data. As a result, rising open interest can reflect added leverage on either side of the market.
Open interest staying above its average while XRP trades near $1.02 suggests speculative positioning has not eased.
Traders appear willing to keep contracts open even as spot prices soften. This pattern often signals that market participants expect a decisive move rather than continued drift.
The next stretch of price action will likely determine how these positions resolve. A rise in open interest paired with firmer prices could support renewed momentum for XRP.
A continued price decline alongside elevated open interest raises the risk of forced liquidations, particularly if selling pressure accelerates.
Large XRP Wallets Keep Accumulating During the Downturn
Santiment Intelligence noted that XRP Ledger wallets holding over one million tokens added 32 new wallets over three months.
The addition of large-holder wallets during this stretch came alongside a 29% decline in market capitalization.
XRP has traded near $1.00 through much of the summer, with performance described as underwhelming. Ripple’s RLUSD stablecoin, trading around $0.99, has expanded into a notable presence within institutional stablecoin markets during the same period.
Ripple’s broader infrastructure continues to support settlement activity on the Ledger. Payments, custody, and tokenization services remain tied to ongoing use cases for XRP. This network activity persists independent of short-term price swings in the token.
Growth in million-XRP wallets during a market cap decline often signals accumulation by larger holders. Trading volume over the past 24 hours reached $905,040,648, alongside a 1.76% price drop for the day. The seven-day decline for XRP stands at 6.07% as of writing.
