XRP Leverage Surges as Spot Volume Lags, ETFs See Sharp Outflows

Derivatives on XRP are now leveraged more than six‑to‑one against spot trading, exposing roughly $2.36 billion in open positions while the token hovers just above the $1 psychological level. Open interest on perpetual contracts fell to about $186 million on Binance, its lowest since April 2025, while Bybit held around $229 million, indicating a shift of leveraged capital between platforms.

In the same period, weekly inflows to the XRP exchange‑traded fund collapsed by 93%, dropping to just $1.01 million after a prior $14.86 million intake. By contrast, Bitcoin and Ethereum ETFs recorded massive net inflows. Net assets of the XRP ETF slipped from $988.78 million to $964.21 million. Meanwhile, on‑chain data show large‑holder (“whale”) wallets increasing their share of supply to about 11.99%, up from 10.66%, and more than 2 million XRP tokens were moved off exchanges, a sign of accumulation.