XRP experienced a $14.2 million liquidation flush within 48 hours, with Open Interest dropping 14% from $558 million to $478 million. Funding rates turned negative at -0.002%, ending a fourteen-session positive streak, signaling traders stopped aggressively chasing longs. Despite the flush, Binance reserves remained flat near 2.6176 billion XRP while deposit addresses plunged 91%, indicating leverage cooled without immediate selling pressure. On XRPL, RLUSD transfer value surged 925% year-over-year, with the network holding a $4.26 billion asset base driven by RWAs and RLUSD.
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