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While investors have continued to move their $XRP tokens out of Binance, derivatives data indicates that leverage has not yet returned to the market.
$XRP saw a short-lived rebound after the ceasefire agreement between the U.S. and Iran. The price climbed to a local high of $1.39, but the move lost strength, pushing $XRP back to the $1.33 level.
Amid the pullback, CryptoQuant analyst Amr Taha recently revealed that while investors have continued to move $XRP off Binance, leveraged traders have not yet returned.
Key Points
- Amid $XRP’s latest relief bounce, Binance cumulative $XRP netflow has declined to -$11.23 billion.
- $XRP open interest on Binance has remained just above $200 million since mid-February 2026, indicating reduced leverage.
- The drop in leverage activity suggests traders remain cautious after the downtrend that began in October 2025.
- Continued $XRP outflows indicate reduced selling pressure, but weak speculative demand limits the chances of a strong breakout.
$XRP Binance Outflows Grow While Leverage Remains Low
Taha explained that $XRP outflows from Binance have continued to increase, showing a steady drop in the amount of $XRP held on the exchange.
He called attention to $XRP’s cumulative netflow data, which declined from about -$10.4 billion in mid-August 2025 to -$11.23 billion now. This shows that more $XRP is leaving the platform, reducing the supply available for immediate selling.
However, the derivatives shows that Binance $XRP open interest has stayed just above $200 million since mid-February 2026, which means some trading activity is still there, but not at levels that show strong confidence from high-leverage traders.
Chart data confirms that total open interest sits a little above $400 million across top exchanges. This is much lower than the $1.5 billion to $2.3 billion range seen between August and October 2025. The figure dropped below $1 billion in October 2025 when the ongoing downtrend began and has stayed low since then.
According to Taha, this trend of increased exchange outflows and declining leverage leaves the market in a position where selling pressure may be easing, but there is not enough strong buying to push prices sharply higher.
Investors Remain Cautious After Early Losses
Essentially, these trends confirm that the market is still recovering from earlier losses. Many leveraged traders were likely forced out during past price drops, and confidence has not fully returned. Even with the recent bounce, the low OI shows that traders are not yet convinced that a steady uptrend has started.
Specifically, ongoing macro uncertainty and memories of failed recoveries are likely keeping traders from taking bigger risks. As a result, many are waiting on the sidelines instead of jumping back in with aggressive positions.
At the same time, the steady movement of $XRP off Binance suggests that some investors are accumulating or simply choosing not to keep their tokens on exchanges for quick selling. This reduces available supply, which can support prices over time.
Still, without stronger demand from leveraged traders, $XRP may continue to move slowly or trade within a range. A stronger rally would likely need a clear return of high-leverage participation.
$XRP Could See Further Downside
Meanwhile, market analyst Casi believes the recent rebound has already played out. According to her, $XRP reached the 0.618 Fibonacci retracement level at $1.39 during the relief bounce, completing her Wave 2 pattern that started in early April.
Based on this, the market could now enter a Wave 3 phase, which will bring downward movement. Casi expects $XRP to drop to around $1.09 and noted that the move could happen quickly.