With leverage outnumbering spot volume 6 to 1, XRP traders are walking a $2.36B tightrope
XRP is trading near $1.03, just above a key $1 level. On July 31, Binance’s stablecoin-margined XRP open interest fell to about $186 million, its lowest since April, while Bybit held about $229 million, reversing Binance’s prior lead in this contract type. That suggests XRP leverage is shifting between venues and deleveraging is uneven. Glassnode’s broader Aug. 5 data still shows Binance leading total XRP futures open interest across all venues, with KuCoin and Bybit behind it. Total XRP derivatives open interest remains large at about $2.36 billion versus roughly $379 million in 24-hour spot volume, leaving significant leveraged exposure. Funding rates are close to flat, so the market is not strongly skewed yet. A break below $1.05 would put $1 at risk, while a reclaim of $1.18-$1.30 would weaken the bearish structure. Traders currently assign high odds to XRP touching $1 in August.
