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XRP<a href="https://yellow.com/asset/xrp" rel="noopener noreferrer nofollow">(XRP)</a> derivatives and spot markets show deepening weakness as open interest collapses 71%, bearish sentiment hits a two-year extreme and <a href="https://yellow.com/news/xrp-binance-trading-volume-decline" rel="noopener noreferrer nofollow">trading volume on Binance falls to its lowest level since 2025</a>.
<h2 id="xrp-derivatives-collapse">XRP Derivatives Collapse</h2>
Glassnode<a href="https://x.com/glassnode/status/2041137501029433852" rel="noopener noreferrer nofollow">reported</a> that XRP perpetual open interest dropped from 7 billion to 2 billion tokens after a deleveraging event in early Oct. 2025, a 71% decline. Positioning has continued to shrink since then.
Open interest <a href="https://cryptopotato.com/xrp-derivatives-collapse-deepens-as-open-interest-crashes-71-glassnode/" rel="noopener noreferrer nofollow">fell</a> another 25% to 1.5 billion XRP, suggesting speculative activity across derivatives markets remains subdued.
<blockquote>
 In a separate update last week, Glassnode noted that more than half of XRP's circulating supply sits underwater.
</blockquote>
Investors who accumulated above $2 over the past 12 months have been realizing losses at a pace of $20 million to $110 million per day since Nov. 2025, as selling pressure persists.
Also Read:<a href="https://yellow.com/news/crypto-fund-inflows-risk-appetite" rel="noopener noreferrer nofollow">Crypto Funds Pull $1.1B In Best Week Since January As Risk Appetite Returns</a>
<h2 id="ali-martinez-price-targets">Ali Martinez Price Targets</h2>
Analyst Ali Martinez<a href="https://x.com/alicharts/status/2043351937811354030" rel="noopener noreferrer nofollow">flagged</a> that XRP continues to trade within a large ascending triangle that has been forming on the monthly chart for nearly nine years. The asset has repeatedly faced rejection at a major resistance level of $3.30 before retracing to a rising support trendline.
<blockquote>
 Following the latest rejection in Aug. 2025, Martinez expects <a href="https://yellow.com/news/xrp-bullish-pattern-after-drop" rel="noopener noreferrer nofollow">XRP to retest the $0.75 to $0.80 range</a>.
</blockquote>
He described this zone as a key accumulation area, noting that a breakout from such a prolonged consolidation could lead to a significant move.
Historically, spikes in bearish sentiment of this magnitude have coincided with a higher likelihood of relief rallies, as prices often move against prevailing expectations.
<h2 id="xrp-binance-volume-decline">XRP Binance Volume Decline</h2>
The weakness extends beyond derivatives. <a href="https://yellow.com/news/xrp-binance-trading-volume-low__" rel="noopener noreferrer nofollow">XRP's Volume Z-Score on Binance</a> recently fell below -1, one of the weakest readings recorded in 2025.
The metric measures how far current trading volume deviates from its 30-day average. A negative reading indicates activity sits below the historical norm, pointing to thinner liquidity and fewer participants.
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XRP Faces 71% Derivatives Wipeout And Record Low Binance Trading Activity

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