• CryptoQuant analyst Darkfost shows that XRP open interest on Binance fell 28% since September 22.

• Previous deleveraging signals preceded XRP rallies of approximately 32% and 72%.

• Meanwhile, Santiment data shows large wallets hold 46.87 billion XRP, representing 68.48% of the tracked supply.

After falling more than 25% over the past three months, XRP’s derivatives market is showing signs of a possible recovery, with open interest on Binance dropping 28% since September 22.

Meanwhile, Santiment data shows that large wallets now hold 46.87 billion XRP, equal to 68.48% of the token supply tracked by the platform.

Traders are now watching the $1.30 level for signs of a possible recovery.

XRP Open Interest Falls Below Its 180-Day Average

According to CryptoQuant analyst Darkfost, XRP’s open interest on Binance has fallen to around $445 million, below its 180-day average of approximately $460 million.

Since September 22, open interest has dropped nearly 28%, while XRP’s price has fallen 17%, from around $1.57 to $1.30. As traders reduce their futures positions, the risk of forced liquidations may also decline.

Darkfost suggests that this decline in leverage could be a positive sign, as it may help XRP’s price stabilize and create room for a possible recovery.

It’s because a similar pattern appeared in mid-September, when XRP later rallied 32%. Another drop in leverage in mid-August was followed by a 72% rally.

Santiment Shows Whales Control 68.48% of XRP Supply

Alongside the drop in XRP open interest, Santiment’s XRP Supply chart shows that wallets holding at least 10 million XRP now control 46.87 billion tokens, or 68.48% of the supply tracked by the platform. This is the highest share for these wallets since November 2022.

The chart also shows large-wallet holdings rising as XRP’s price weakens, which may point to accumulation during the downturn. However, this does not mean every large holder is buying.

Can XRP Recover Above $1.30?

With leverage easing and large wallets holding a high share of XRP’s supply, traders are now watching price action for signs of a recovery.

Since reaching a high of $1.70 in mid August 2026, XRP has fallen nearly 25% over the past two and a half months, recently hitting a low of $1.27.

Meanwhile, traders are now watching the $1.30 level for signs of stabilization. A move toward $1.50 would provide a stronger signal that XRP may be recovering.

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