Liquidation pressure on XRP positions at Binance has eased following repeated spikes from late July through September, according to analysis published by Cryptoquant on October 2. The decline suggests reduced strain from leveraged trading, though spot buying remains critical for a sustained advance.
Binance's outstanding XRP derivatives positions contracted approximately 32 percent between August 22 and September 17, falling from roughly $323 million to $219 million. This measure, known as open interest, tracks exposure that remains open in futures contracts linked to XRP's price.
The latest data shows an imbalance in liquidations, with long positions—those betting on price increases—being more heavily affected by recent downward movements than short positions. Long liquidations currently exceed short liquidations on the exchange.
XRP's network value-to-transactions ratio fell 69.28 percent to 36.97, a measure comparing market capitalization with onchain transaction volume. A lower reading can reflect increased transfers, reduced valuation, or both. September activity included 1,917 large transactions and 3,647 new wallets as XRP rose above $1.60 on September 22.
U.S. spot XRP exchange-traded funds recorded $121.4 million in inflows during September. On October 2, the funds reported $3.28 million in net outflows, all from Bitwise's fund, with combined net assets of $1.658 billion.
For a lasting advance, analysts note that spot market demand must accompany recent improvements in liquidation trends. Sustained gains would require support from spot buying, trading volume, and favorable price structure.
