XRP trades around $1.30, up 1%, despite a $250 million decline in open interest on derivatives markets over less than a month, dropping from $1.128 billion to $871.22 million. This divergence between resilient spot prices and a shrinking futures book raises questions about leverage reset rather than a bearish reversal. Funding rates remain positive on Binance and long/short ratios on Binance and OKX continue to favor long positions, between 2.5 and 3, indicating traders maintain bullish conviction. XRP ETFs attracted $3.5 million in inflows on September 16, extending a ten-day streak of positive flows. Technically, the $1.29 level (20-week EMA and 0.382 Fibonacci retracement) represents the key support to defend.
Source: Read the original article
