u.today
According to data provided by Glassnode, $XRP’s futures open interest (OI) has fallen from 1.7 billion $XRP in early October to 0.7B $XRP. This marks nearly a 60% drop.
This is the total number of open contracts on $XRP futures. A high OI usually indicates that traders are heavily speculating on price movement.
A large reduction in open contracts means many traders have closed positions. This is sometimes that Glassnode as a "flush-out".
Meanwhile, the funding rate, which is what traders pay or earn when holding leveraged positions in perpetual futures, has dropped from 0.01% to just 0.001%.
A high positive funding rate usually shows bullish sentiment since traders are paying to stay long. Hence, a drop to near zero shows that bullish conviction is fading.
"Turning point"
According to Glassnode, Oct. 10 was a turning point, where speculators became less aggressive in betting $XRP would go higher.
Essentially, the market paused in its bullish momentum.
The share of $XRP supply in profit has fallen to 58.5%, the lowest since Nov 2024, when the price was $0.53.
Today, despite trading four times higher ($2.15), 41.5% of the supply (roughly 26.5 billion $XRP) sits in loss.
This is a "clear sign" of a top-heavy and structurally fragile market dominated by late buyers, according to Glassnode.