XRP (XRP) derivatives and spot markets show deepening weakness as open interest collapses 71%, bearish sentiment hits a two-year extreme and trading volume on Binance falls to its lowest level since 2025.
XRP Derivatives Collapse
Glassnode reported that XRP perpetual open interest dropped from 7 billion to 2 billion tokens after a deleveraging event in early Oct. 2025, a 71% decline. Positioning has continued to shrink since then.
Open interest fell another 25% to 1.5 billion XRP, suggesting speculative activity across derivatives markets remains subdued.
In a separate update last week, Glassnode noted that more than half of XRP's circulating supply sits underwater.
Investors who accumulated above $2 over the past 12 months have been realizing losses at a pace of $20 million to $110 million per day since Nov. 2025, as selling pressure persists.
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Ali Martinez Price Targets
Analyst Ali Martinez flagged that XRP continues to trade within a large ascending triangle that has been forming on the monthly chart for nearly nine years. The asset has repeatedly faced rejection at a major resistance level of $3.30 before retracing to a rising support trendline.
Following the latest rejection in Aug. 2025, Martinez expects XRP to retest the $0.75 to $0.80 range.
He described this zone as a key accumulation area, noting that a breakout from such a prolonged consolidation could lead to a significant move.
Historically, spikes in bearish sentiment of this magnitude have coincided with a higher likelihood of relief rallies, as prices often move against prevailing expectations.
XRP Binance Volume Decline
The weakness extends beyond derivatives. XRP's Volume Z-Score on Binance recently fell below -1, one of the weakest readings recorded in 2025.
The metric measures how far current trading volume deviates from its 30-day average. A negative reading indicates activity sits below the historical norm, pointing to thinner liquidity and fewer participants.