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XRP slides as futures open interest dwarfs spot volume ahead of Fed
CoinGlass data cited by CryptoSlate shows XRP open interest of $2.43B against $361M spot volume, a mix that has already seen $9.51M in forced liquidations in one day.
XRP is trading near $1.06 and down 2.9% over 24 hours, with declines tied to a derivatives-heavy setup, CryptoSlate reports, citing CoinGlass data. The same dataset shows $2.43 billion in XRP open interest and $2.47 billion in 24-hour XRP futures volume, versus just $361 million in spot volume.
CryptoSlate says futures turnover is running about 6.85 times spot turnover, and that forced liquidations have already removed $9.51 million in XRP positions over the past day. The article notes XRP is trading near its intraday low around $1.05, about 5% to 6% above the $1 level some market participants treat as a psychological floor.
The report points to an upcoming catalyst window tied to the Federal Reserve, with the July policy statement due July 29 at 2 p.m. Eastern and the press conference at 2:30 p.m. Eastern, while markets were pricing roughly a 65% chance the Fed holds rates steady.
CryptoSlate also frames the risk through market structure, saying XRP is testing dependence on Bitcoin direction, and that Crypto's liquidity stress tends to move first through Bitcoin. It adds that Glasnode’s July 27 Market Pulse flagged softer speculative conviction and muted capital inflows, while Bitcoin sat in a roughly $62,772 to $64,980 intraday range before XRP’s weakness.
The article estimates how much of the derivatives positioning could flush relative to the spot market, saying a decline equal to 10% of the $2.43B open interest would be about $243 million in notional exposure, roughly 67% of XRP’s current daily spot volume. It adds that open interest can include both longs and shorts and that some closures may net out within derivatives venues without fully reaching the spot order book.
Latest closeBitcoin $64,478.87 ▲0.9%|XRP $1.087 ▲1.8%