XRP is testing the psychologically important $1 level, and aggressive selling in the futures market has taken a slight upper hand, with analysts cautioning that only a sustained break below this support combined with rising trading volume would likely trigger heavier selling pressure, while the price has not yet fallen through that threshold.
From a structural standpoint, the divergence in capital flows reveals the current tug-of-war. Data compiled by Woofun AI shows that on the 11th, aggressive sell orders in Binance's XRP futures market reached $175.10 million (about 234.1 billion Korean won), slightly exceeding aggressive buy orders of $171.64 million (about 229.4 billion Korean won), a gap of roughly $3.46 million (about 4.6 billion Korean won). The ratio of aggressive buying to aggressive selling stood at 0.98, below the neutral level of 1, with buying and selling accounting for 49.5% and 50.5% respectively, giving aggressive sellers a narrow edge.
At the same time, leverage is contracting. As of the 8th, the 30-day moving average of Binance's XRP open interest fell to $453.60 million (about 606.3 billion Korean won), a new low since September. Although the metric had risen before early October, it has declined steadily since, indicating that existing leveraged positions are being gradually unwound, a trend compounded by the shrinking dollar value of the assets.
Notably, the spot market has behaved quite differently. From the 28th of last month to the 9th, the 7-day average of XRP spot trading volume across major exchanges jumped from $513 million (about 685.7 billion Korean won) to $786 million (about 1.0507 trillion Korean won), a gain of 53.2%.
The more critical variable is the validity of the $1 support line. CryptoQuant analyst Arab Chain noted that if this level is persistently breached, combined with rising trading volume and the unwinding of leveraged longs, it could trigger further selling pressure. With price and open interest currently declining in tandem, long-side defenses appear weak, and the next move depends on whether this price level can absorb potential liquidation-driven selling.
Comments