XRP Open Interest Crashes To Levels Not Seen Since 2024, Can It Also Rally 600%?

XRP’s open interest has reportedly crashed to lows not seen since last year, when the altcoin surged by around 600%. On-chain analytics platform CryptoQuant noted that this development could be bullish for XRP as it looks to rebound to new highs.  XRP’s Open Interest Drops To Lowest Level Since 2024 In a blog post, CryptoQuant analyst Arab Chain revealed that XRP’s open interest on Binance has fallen to its lowest level since 2024. The analyst noted that analysis of XRP Ledger data on the crypto exchange shows a clear rebalancing in the derivatives market, with open interest falling to almost $453 million, the lowest level since the end of last year.  Related Reading: Why You Should Pay Attention To XRP’s Exchange Netflows This Month Arab Chain noted that this development reflects a fundamental shift in trader behavior and confirms a significant decrease in leverage usage compared to previous periods. Notably, the XRP price looks to have been fueled by leverage in the early parts of th