XRP leverage collapses 78%, but $1.4B in ETF money still won’t leave because of Ripple’s expanding footprint

XRP's market structure is undergoing a significant shift as open interest has plummeted by approximately 78% from its July peak, indicating that speculative leverage has been largely flushed out through liquidation events. This deleveraging suggests that any future upside moves will rely more on genuine spot demand rather than short-term leveraged positioning.

Despite this collapse in derivatives activity, long-term conviction remains strong among certain holders. Whale accumulation is evidenced by large exchange outflows, and crucially, spot XRP ETFs continue to hold over $1.4 billion in assets, even after XRP experienced a significant price drawdown since their launch. Analysts note that ETF inflows are resilient, largely driven by committed "XRP superfans" rather than casual retail traders.

This stability is further supported by Ripple's expanding corporate strategy, which focuses on increasing regulated access to financial channels globally. Ripple has secured numerous licenses worldwide, expanded Ripple Payments to over 60 markets, and is growing its stablecoin business, providing XRP with a company-specific support narrative tied to cross-border payments and financial infrastructure.

(Source：CryptoSlate)