Summary
- Reports indicate trader interest has declined as XRP's open interest decreased by 47%.
- XRP funding rate has fallen significantly below last year's peak, suggesting leveraged traders are closing their positions.
- XRP futures positions worth $6.5 million were liquidated in the last 24 hours, primarily in long positions.
Analysis shows declining trader interest in XRP.
On the 17th (local time), CoinTelegraph reported that "XRP's open interest (OI) has decreased by 47% over the past 30 days" and "XRP's funding rate is at 0.0040%, significantly lower than December's peak (0.0966%)". The outlet added that "low open interest and funding rates indicate that leveraged traders are closing their XRP positions," explaining that this is causing forced selling of XRP.
The media outlet elaborated that "XRP's decline is due to decreased interest from derivatives traders" and "derivatives indicators show a reduction in speculative momentum for XRP."
Meanwhile, according to CoinTelegraph data, XRP futures positions worth $6.5 million were liquidated in the past 24 hours, with long (buy) positions accounting for $5 million.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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