The unwind appears orderly rather than forced. There is no sign of cascading liquidations; instead, positioning resets gradually since late 2025. Historically, these resets clear excess risk and create a more stable base for price discovery—less chaos, more control.
This back-and-forth in funding reflects a market that struggles to pick a direction. Bulls remain active, but they are no longer chasing momentum. Traders probe both sides, with sentiment shifting between cautious optimism and defensive positioning.
Short-term flows lean slightly negative. Aggregate open interest drops 3.04% over the past 24 hours, with Binance down 4.64% and Kucoin off 5.71%. At the same time, MEXC records a 13.65% increase, showing that speculative pockets still emerge even as broader positioning softens.
FAQ What does XRP’s falling leverage ratio mean?It shows traders reduce borrowed exposure, lowering overall risk in futures markets. Are XRP funding rates bullish or bearish?They remain slightly positive, indicating mild bullish sentiment without aggressive positioning. Why do options show more calls than puts?Traders position for upside while managing downside risk. What is the key XRP price level traders are watching?The $1.60 strike stands out as the most active near-term options level.
