XRP sees a steep drop in futures open interest, sparking liquidation fears, but whale accumulation suggests long-term confidence.
XRP XRP $2.43 24h volatility: 4.7% Market cap: $146.05 B Vol. 24h: $5.61 B has dropped by 14% since its July 18 high of $3.66, currently trading at $3.13. This correction follows an explosive 68% rally from $2.17 earlier in July, largely driven by leveraged futures positions.
However, as the price started cooling down, open interest in XRP futures plunged from a peak of $11.2 billion to the current $8.57 billion level. This indicates a major drop in market leverage as traders explore new crypto projects.
This 21% slip in open interest suggests that many traders have either closed their positions or been liquidated. As a result, traders are speculating cascading liquidations and some analysts are warning that XRP could fall below the key $2.60 level if volatility continues.
Despite these concerns, whale wallets accumulated 60 million XRP on July 29, as noted by analyst Ali Martinez. This signals that larger players are viewing the current correction as a buy-the-dip opportunity.
Whales bought 60 million $XRP in the last 24 hours! pic.twitter.com/i9Nev76FHJ
— Ali (@ali_charts) July 29, 2025
ETF Hopes Fuel Long-Term Optimism
Meanwhile, Coinbase recently announced it would launch nano XRP and SOL perpetual futures for US traders starting August 18. The nano XRP contract will represent 500 XRP and will be settled in US dollars, with an expiry date in December 2030.
Launching August 18.
nano $SOL & nano $XRP US Perpetual-Style Futures are coming to Coinbase Derivatives.
The expansion of our perpetual-style product suite marks another milestone in our mission to redefine market access for US investors.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) July 29, 2025
With tight spreads and a minimum price tick of $0.0001, the contract is designed for more granular exposure to XRP price movements.
These developments are keeping bullish sentiment alive among long-term holders even as short-term traders remain cautious amid falling open interest.
XRP Traders Cautious Near Support
On the daily chart, XRP has pulled back from the upper Bollinger Band and is now testing the mid-band (20-day SMA) near $3.12. A breakdown below this support zone could lead the token to the lower band near $2.67.
XRP price chart with RSI and Bollinger Bands | Source: TradingView
The RSI has also cooled off from overbought levels and now sits at 57, indicating neutral momentum. However, continued downside on RSI is generally associated with bearish pressure.
Traders should watch for the crucial $3.00–$3.12 zone, above which XRP could reignite bullish momentum. Resistance remains at $3.66, the July high.
XRP Holds Above $3 as TOKEN6900 Presale Picks Up Pace
While XRP remains steady above the $3 mark, the spotlight is shifting toward meme coin TOKEN6900 ($T6900). The project thrives as a bold statement on internet culture, embracing humor, irony, and rebellion against traditional financial norms.
$T6900 makes no promises and follows no roadmap. It draws inspiration from the viral SPX6900 movement and positions itself as a satirical response to conventional investing and market behavior.
Presale Details:
- Ticker: T6900
- Current presale price: $0.006775
- Amount raised so far: $1.44 million
Despite its irreverent nature, T6900 presale is progressing quickly, already raising over $1.44 million. Early adopters are rewarded with a generous 42% APY for staking their tokens during the presale period. This is drawing attention from yield-hungry investors and meme coin enthusiasts alike.
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