Key Takeaways
- XRP has rebounded more than 70% from its late-August lows, while Binance open interest has recorded its strongest growth since August 2025.
- Binance XRP open interest rose from roughly $210 million on Sept. 16 to $276.5 million by Sept. 27, even as aggressive futures traders remained net sellers.
- Rising open interest can amplify volatility, but part of the dollar increase is mechanically caused by XRP’s higher price rather than entirely new leverage.
XRP’s 70% rebound is pulling leveraged traders back into the market, with Binance open interest expanding at its fastest pace in more than a year.
CryptoQuant analyst Darkfost said XRP’s average monthly open interest growth on Binance has reached nearly 1.3%, its strongest increase since August 2025, as XRP trades around $1.50 and is roughly 50% higher over the past month.
The derivatives comeback raises a more important question: is leverage now driving XRP’s rally, or simply following it?
XRP Open Interest Returns With Price
The latest expansion represents a reversal from early September.
Another CryptoQuant analysis shows Binance open interest rising from approximately $210 million on Sept. 16 to $276.5 million by Sept. 27, an increase of roughly 32%, while XRP climbed from about $1.30 to $1.52.
But open interest measures the value of outstanding futures positions, not whether traders are bullish.
Higher XRP prices mechanically increase the dollar value of existing positions. New longs and shorts opening simultaneously can also push open interest higher without revealing which side ultimately controls the market.
That makes the underlying positioning particularly interesting.
Traders Are Still Selling Into the Rally
Despite XRP’s price increase, CryptoQuant found that Binance perpetual cumulative volume delta deteriorated from around -1 billion to -1.29 billion between Sept. 16 and Sept. 27.
Spot CVD across centralized exchanges also fell by approximately $430 million. In other words, aggressive sellers remained dominant even while XRP moved higher.
That creates an unusual setup: price is rising, open positions are expanding, yet taker flow remains bearish.
If those positions become increasingly short-heavy and XRP keeps climbing, forced short closures could add further buying pressure. If leverage instead becomes dominated by late longs, the same structure increases downside liquidation risk.
Bullish XRP Calls Are Returning
The derivatives rebound is arriving alongside another wave of aggressive XRP forecasts.
CryptoQuant’s analyst-consensus tracker found 76% of 179 directional XRP calls from 18 tracked analysts were bullish over the 30 days through Sept. 25.
That optimism should not be confused with evidence that XRP must continue higher.
The more useful signal is the change in market structure. XRP’s initial rebound occurred while leverage was being flushed out. Now futures exposure is rebuilding as the price approaches levels that previously attracted heavier speculation.
The 70% rally brought XRP traders back. Whether that leverage extends the move or fuels the next liquidation event is now the bigger question.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
