CryptoOnchain2026-09-30

XRP Binance Open Interest Falls 15.3% From Its Six-Month High

Binance XRP open interest fell to $521.5M on September 29, down 15.3% from a six-month high of $616.1M on September 22. XRP closed at $1.490 on September 29, 5.2% below its six-month high of $1.572 on September 22. Binance long liquidations averaged $3.72M per day from September 24 to 29, which is 2.6x the six-month daily mean of $1.43M. The lookback covers six months. September 30 is partial. Binance inflow is also missing on four of the last 14 days, so weekly flow changes are excluded. The 97–98% weekly drops mostly reflect the September 23 spike leaving the window. Deposit address counts near 40 per day are too small for percentage comparisons. The unwind began six days after the September 16 FOMC cut and runs into the September 30 quarter-end. One candidate explanation, unverified: traders trimmed leveraged longs before quarter-end rather than selling spot. Short liquidations peaked at $13.70M on September 21, a six-month high, as price broke above $1.50. From September 23 the pressure flipped: long liquidations hit $8.43M that day and $5.66M on September 28. Funding fell from 0.010 to 0.005, and the estimated leverage ratio eased from 0.230 to 0.197. Leverage still sits above its six-month mean of 0.169. Binance reserve averaged 2.68B XRP over the last seven days, 2.4% above its 90-day baseline. Network transactions averaged 1.96M, up 23.0% week over week. Leverage has been reduced faster than price has fallen. This creates conditions that historically preceded range-bound trading, since positioning is resetting while exchange supply edges higher. Direction is not settled. "For now, the clearest reading is that XRP shed leverage while price held most of its gains."