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XRP falls below $1 as leverage returns but spot selling worsens
XRP dipped to as low as $0.99, while open interest rebounded, but cumulative volume delta turned more negative, suggesting sellers kept control.
XRP slid below $1, hitting $0.99 during the session, its weakest level since November 2024, when Donald Trump won the US presidential election, according to data cited by CryptoSlate. The move unwinds a key post-election threshold after XRP first crossed $1 on Nov. 16, 2024.
CryptoSlate said leverage is rebuilding even as selling pressure deepens. CryptoQuant data showed Binance XRP open interest swung from about -13% on Aug. 1 to 7.4% by Aug. 11, a reversal of more than 20 percentage points, with one analyst also pointing to an increase of $171 million, or 20.5%.
Still, the added leverage has not translated into stronger buying pressure. Binance’s perpetual cumulative volume delta fell from roughly -$251 million at the start of August to -$349.5 million by Aug. 11, while CryptoQuant’s estimated CVD across centralized exchanges dropped from about $193 million to -$34.3 million over the same period, a reversal of about $227 million.
In derivatives positioning, XRP’s long-to-short account ratio stood at 0.8432 as the token traded near $1, implying about 45.7% of positioned accounts were long and 54.3% were short, CryptoSlate reported. The outlet said the combination of rising open interest and deteriorating spot and perpetual CVD points to fresh leverage returning alongside trade execution skewed toward sellers.
Latest closeXRP $1.011 ▼1.1%