Something interesting is happening under the surface with $XRP .
While price has been bouncing, the derivatives side is cooling off fast. Open interest has been getting flushed, with Binance seeing a noticeable drop in positioning over the past few days.
Overall leverage has come down significantly from mid-March levels, which usually points to the market resetting after being overcrowded.
Most of the recent liquidations have been shorts, suggesting traders were leaning the wrong way into this move.
Less leverage, shorts getting squeezed… the structure is quietly shifting.