XRP sees $206.6M whale transfer - Could heavy supply cap the recovery?
XRPs recent rally has been accompanied by an interesting shift in trader derivatives positioning. The altcoin climbed from roughly $1.00 to $1.42, yet traders have steadily reduced their outstanding exposure. By the end of August, the 30-day Open Interest (OI) in XRP for Bybit had reached around 61 million XRP. Later on, it fell dramatically through the first two weeks of September to -37.5 million XRP. The drop represented a 98.5 million XRP turnaround, while the price gained about 42%. The divergence suggests XRPs advance was not as a result of a fresh build-up of leverage but spot-driven accumulation. Source: CryptoQuant While decreased OI does provide evidence that there are fewer trades taking place, it does not clarify if those trades were short or long. Therefore, the data rules out a leverage-fueled rally leaving open whether the reduction was driven primarily by long profit-taking or short squeezes. XRP holds its August gains That shift in derivatives exposure comes as XRP‘s price remains firmly above its August breakout level. XRP’s price surged from approximately $1.00 to nearly $1.70 in just three days. Since then, XRP has been in an extended consolidation mode. XRPs price has traded between approximately $1.30 and $1.49 since late August. Buyers have defended most









