XRP Exchange Reserves Hit Yearly High as Binance Open Interest Falls 15.8%

XRP Exchange Reserves were still high at 11.81 billion coins on October 17, despite the decrease in Binance futures open interest by $85.1 million over the last 13 days. The discrepancy between the two numbers marks a change in the XRP market, where there has been a decrease in derivatives exposure after the mass liquidation phase, although many coins still sit in the exchanges’ wallets. CryptoQuant’s on-chain data analyst, CryptoOnchain, revealed that the open interest for XRP derivatives on Binance decreased from $538.1 million on October 4 to $453 million on October 17, representing a 15.8% drop. This drop is a result of $25.7 million worth of XRP long liquidations on October 7 and 8, which occurred due to a drop in price.

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