After falling more than 25% over the past three months, XRP’s derivatives market is showing signs of a possible recovery, with open interest on Binance dropping 28% since September 22.
Meanwhile, Santiment data shows that large wallets now hold 46.87 billion XRP, equal to 68.48% of the token supply tracked by the platform.
Traders are now watching the $1.30 level for signs of a possible recovery.
According to CryptoQuant analyst Darkfost, XRP’s open interest on Binance has fallen to around $445 million, below its 180-day average of approximately $460 million.
Since September 22, open interest has dropped nearly 28%, while XRP’s price has fallen 17%, from around $1.57 to $1.30. As traders reduce their futures positions, the risk of forced liquidations may also decline.
Darkfost suggests that this decline in leverage could be a positive sign, as it may help XRP’s price stabilize and create room for a possible recovery.
It’s because a similar pattern appeared in mid-September, when XRP later rallied 32%. Another drop in leverage in mid-August was followed by a 72% rally.
Alongside the drop in XRP open interest, Santiment’s XRP Supply chart shows that wallets holding at least 10 million XRP now control 46.87 billion tokens, or 68.48% of the supply tracked by the platform. This is the highest share for these wallets since November 2022.
The chart also shows large-wallet holdings rising as XRP’s price weakens, which may point to accumulation during the downturn. However, this does not mean every large holder is buying.
With leverage easing and large wallets holding a high share of XRP’s supply, traders are now watching price action for signs of a recovery.
Since reaching a high of $1.70 in mid August 2026, XRP has fallen nearly 25% over the past two and a half months, recently hitting a low of $1.27.
Meanwhile, traders are now watching the $1.30 level for signs of stabilization. A move toward $1.50 would provide a stronger signal that XRP may be recovering.
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