XRP open interest falls 23% to $871M
- —XRP open interest fell to $871 million from $1.128 billion, down $257 million
- —On Binance, OI declined to $423 million from $558 million; on Bybit, to $291 million from $379 million
- —XRP fell 8% after the CLARITY Act failed on September 15, from $1.46 to $1.27
- —The price holds near $1.30 and is testing the weekly EMA20 at $1.29
Why it matters: The drop in open interest points to deleveraging and trader repositioning; holding $1.29 will determine whether there is a rebound or a further decline.
Source: CryptoPotato