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XRP held above $1.29 on Friday after a volatile week that pushed the token below that level before a partial recovery. Futures positioning has also declined from this week’s highs, indicating that traders have reduced outstanding leveraged exposure while the spot price stabilizes near $1.30.
XRP Stabilizes After Sharp Sept. 15 Drop
XRP traded around $1.30 on Sept. 18, after falling sharply earlier in the week. Binance perpetual-futures data showed the token dropping almost 10% on Sept. 15 and trading as low as roughly $1.26 before recovering.
The sell-off occurred during a broader crypto market decline on the same day the U.S. Senate failed to advance the CLARITY Act in a procedural vote. XRP subsequently remained near $1.30 as traders continued reducing derivatives exposure.
Futures Open Interest Retreats From Weekly High
CoinGlass showed XRP futures open interest at roughly $2.77 billion on Friday. That compares with about $3.12 billion around Sept. 15, when derivatives positioning was near its weekly high, representing a decline of roughly 11% from that level.
Falling open interest means outstanding futures positions are being closed or liquidated, but it does not identify whether long or short traders are driving the decline. Futures activity remains substantial, with CoinGlass recording more than $3 billion in 24-hour XRP derivatives volume in its latest snapshot.
Derivatives Positioning Has Shifted Through September
The latest contraction follows several changes in XRP futures positioning during September. CryptoQuant contributor Amr Taha previously found that open-interest growth recovered after a late-August decline even as aggressive selling remained visible in perpetual-futures order flow. Taha wrote earlier this month:
“For now, XRP is showing an unusual structure: fresh derivatives exposure is returning, but the aggressive side of that positioning continues to favor sellers,”
The latest decline in open interest marks another shift from that earlier buildup. It does not, by itself, establish whether traders are becoming more bullish or bearish.
Fed Raises Rates During Volatile Week
The derivatives pullback also came during a week of additional U.S. macro developments. The Federal Reserve raised its benchmark interest-rate target by 25 basis points to 3.75%–4.00% on Sept. 16, citing elevated inflation.
XRP has so far remained around the $1.29 to $1.30 area despite the week’s policy and regulatory developments. Whether futures positioning rebuilds from current levels will show whether traders are adding leveraged exposure again, though open interest alone will not indicate whether that positioning is primarily bullish or bearish.
