U.S. Treasury · CoinDesk
XRP’s 44% rally brings leverage back, raising risk of sharper pullback
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XRP's 44% rally over the past week has brought leverage rushing back into its derivatives market, as the token starts to give up some of those gains.
Key facts
- XRP futures generated about $6.4 billion of volume over the previous 24 hours, more than five times the roughly $1.2 billion traded on spot markets
- XRP fell almost 5% over 24 hours to $1.44 on Wednesday after trading above $1.50 earlier
- A broad crypto rally began after the U.S. Treasury expanded its bond-buyback program last week, helping pull long-term yields lower and sending bitcoin from below $68,000 to nearly $80,000
- Data from onchain analysis firm CryptoQuant's estimated leverage ratio for XRP on Binance has climbed to about 0.21, its highest since January
Summary
Futures volume reached about $6.4 billion in 24 hours, more than five times spot volume, while open interest totaled $3.45 billion and traders were heavily tilted toward long positions. Data from onchain analysis firm CryptoQuant's estimated leverage ratio for XRP on Binance has climbed to about 0.21, its highest since January. On Binance, about two accounts were betting long on XRP for every one betting short on Wednesday, CoinGlass data shows. XRP futures generated about $6.4 billion of volume over the previous 24 hours, more than five times the roughly $1.2 billion traded on spot markets.