XRP’s leverage has been flushed out while price holds
Tech XRPs leverage has been flushed out while price holds XRPs estimated leverage ratio has flattened at low levels, while price has held near $1.39, with a market cap of $85.7 billion and roughly $1.75 billion in daily volume. CryptoQuant analyst PelinayPA flagged that traders reduced speculative exposure, and the price didnt follow them down. When leverage runs hot into a rally, crowded longs introduce fragility, and the unwind tends to mirror the move. CoinGlass puts XRP open interest at roughly $2.48 billion, sizable and distributed across a market that has shed the crowded positioning that dominated earlier rallies, meaning a fresh positioning that can return to a cleaner book. New long-side leverage entering a cleaned-up market can push price harder and faster, with less stale positioning to shake out first. Meanwhile, spot weakness can also close the difference if demand fades and leverage stays subdued, price drifts lower until spot and derivatives reach a new equilibrium. XRPs estimated leverage ratio fell from 0.201 to 0.160 between March 15 and May 1 while price held near $1.39.Institutional rails and a cleaner legal backdrop CME launched XRP futures in May 2025, with more than $19 million in notional volume on the first day, and CME XRP options are live