The post XRP OI Logs Dramatic 59% Drop appeared on BitcoinEthereumNews.com. 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.  Source: https://u.today/xrp-oi-logs-dramatic-59-dropThe post XRP OI Logs Dramatic 59% Drop appeared on BitcoinEthereumNews.com. 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.  Source: https://u.today/xrp-oi-logs-dramatic-59-drop