Binance open interest dropped to nearly $205M, its lowest level since Mar. 22, while Bybit open interest fell to around $185M, according to CryptoQuant data cited in the report. The parallel decline suggests speculative excess has been flushed out, which can ease downside pressure because weak long positions are no longer waiting to be liquidated.
Still, lower leverage does not create a recovery by itself. Fresh buyers would need to replace liquidated positions for XRP to turn stabilization into a stronger rebound.
XRP ETFs
ETF demand is reducing available XRP supply despite the price weakness, according to XRP Insights data.
Net inflows reached 4.82M XRP in week 26, lifting total ETF holdings by almost 10% to 938.73M XRP. That balance equals about 1% of the circulating supply.
Each new ETF creation requires spot XRP purchases, which can remove tokens from the open market and limit sellable inventory if demand persists.
The problem is that broader spot participation has not increased at the same pace. That disconnect has kept pressure on price and pushed ETF valuations down from more than $1B to $989M, even as institutional accumulation rose.
The market setup now depends on whether ETF buying meets stronger spot demand. Without that second leg, supply tightening may continue in the background without producing an immediate breakout. XRP’s latest drop also extends a weak stretch that carried the token from higher support zones toward $1, making recent price swings a test of whether institutional flows can offset spot-market hesitation.
Mehjabeen Arsiwala is a journalist covering crypto news, DeFi, exchanges, trading, and market analysis. Over the past three years, she has focused on the trends and narratives shaping digital asset markets, from price action and forecasts to exchange developments and on-chain signals. She specializes in clear reporting that helps readers understand what is happening in the market and why it matters.
