XRP (CRYPTO: XRP) whales are showing little appetite to either buy or sell aggressively, even as leveraged traders unwind positions and the crypto holds most of its recent gains.
Crypto chart analyst Ali Martinez on Thursday noted that XRP whale holdings have remained largely unchanged over the past week at around 3.90 billion XRP, pointing to a lack of significant accumulation or distribution among large holders.
XRP Whales Stay On The Sidelines
While whale balances remain steady, derivatives positioning has cooled considerably.
Binance XRP open interest fell to $521.5 million this week, down 15.3% from its six-month high of $616.1 million on Sep. 22, CryptoQuant data noted on Thursday.
XRP trades around 5% below its six-month high of $1.572, indicating leverage has fallen considerably faster than the underlying price.
Leveraged Longs Get Flushed
CryptoQuant points to technical data which shows traders may have reduced leveraged long exposure heading into quarter-end rather than aggressively selling spot XRP.
- Long liquidations on Binance averaged $3.72 million per day from Sept. 24 through Sept. 29, about 2.6 times the six-month daily average of $1.43 million.
- Funding rates fell from 0.010 to 0.005
- Estimated leverage ratio declined from 0.230 to 0.197, however continuing to remain above its six-month average of 0.169.
XRP’s Positioning Resets
Binance XRP reserves averaged 2.68 billion XRP over the past seven days, 2.4% above their 90-day baseline, while network transactions averaged 1.96 million, up 23% week over week.
With whale holdings steady and leverage declining faster than price, XRP appears to be undergoing a positioning reset rather than showing a decisive directional signal.
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