Analyst BJW_KEEP_00001 stated that BJW_KEEP_00002 indicated that open interest on Binance has decreased by 28% since September 22.

Previous deleveraging signals were accompanied by rebounds of approximately 32% and 72% for XRP respectively.

At the same time, Santiment data shows that large wallets hold 46.87 billion XRP, accounting for 68.48% of the platform's tracked supply.

After a decline of over 25% in the past three months, the derivatives market for XRP is showing signs of potential recovery, with the number of open contracts on Binance having decreased by 28% since September 22nd.

At the same time, Santiment data shows that large wallets currently hold 46.87 billion XRP, which is equivalent to 68.48% of the platform's tracked supply.

Traders are currently focusing on the $1.30 level, looking for any signs of a possible recovery.

XRP Unclosed contracts fall below the 180-day average

According to analyst Darkfost, as mentioned by CryptoQuant, the open interest of XRP on Binance has dropped to approximately $445 million, which is lower than its 180-day average of around $460 million.

Since September 22, the number of open contracts has decreased by nearly 28%, while the price of XRP has fallen by 17%, from around $1.57 to $1.30. As traders reduce their futures positions, the risk of forced liquidation may also decrease.

Darkfost believes that this decline in leverage could be a positive sign, as it helps to stabilize the price of XRP and creates room for a possible recovery.

This is because a similar pattern appeared in mid-September, followed by a 32% increase in XRP. After another round of leverage reduction in mid-August, XRP rose by another 72%.

Santiment shows that whales control 68.48% of the supply of XRP.

Apart from the decrease in open positions of XRP, the supply chart of Santiment XRP shows that wallets holding at least 10 million XRP currently control 46.87 billion tokens, accounting for 68.48% of the platform's tracked supply. This represents the highest proportion for these wallets since November 2022.

The chart also shows that as the price of XRP weakens, the holdings of large wallets are increasing, which may indicate that there is a process of accumulating shares during the downward trend. However, this does not mean that every large holder is buying.

XRP Can it return above $1.30?

Since hitting a high of $1.70 in mid-August 2026, XRP has fallen by nearly 25% over the past two and a half months, recently dropping to $1.27.

Meanwhile, traders are watching the $1.30 level for signs of stabilization. If the price rebounds to $1.50, it would be more indicative that XRP may be on the mend.