The open interest (OI) for XRP has declined by 60% since July, following the cryptocurrency’s gains after a court victory against the SEC. The drop in OI is attributed to selling activity fueled by the SEC’s decision to appeal the ruling, leading to concerns that XRP’s price could fall below $0.52. The decline in OI reflects a lack of confidence in the token’s future price direction. The majority of XRP OI orders were placed on the Binance exchange, with fears of a potential bank run. Despite predictions of a drop, support levels suggest any losses might be small and gradual. Currently, XRP is trading at $0.523, with bulls and bears in a standoff.
AI Sentiment: Negative