XRP, the fourth-largest digital asset with a market cap of close to $84.4 billion, is not seeing any respite from its unenviable price action. The coin continues to frustrate its holders, as it trades more than 25 percent down today, compared to the beginning of the year.
XRP open interest resets following Powell’s remarks
Following the US Federal Reserve (Fed) Chair Jerome Powell’s perceived hawkish decision yesterday of keeping the key interest rates unchanged at 3.50 percent to 3.75 percent, the XRP derivatives market is showing a clear reset in leverage.
Powell stated that he would remain on the Fed Board as a governor until January 31, 2028, after his tenure ends. To recall, Powell’s tenure as the Fed chair is scheduled to come to a close on May 15, 2026.
Powell’s remarks had visible impact on three key areas with regard to XRP: open interest (OI), the cumulative volume delta (CVD), and liquidations. Notably, the Binance OI has returned to levels last seen in February 2026, to around $208 million.
This fall in Binance OI marks a clear contraction from high levels seen last year in October 2025, as illustrated in the following chart. This shows that traders are closing positions and leverage is falling, signaling a so-called ‘deleveraging phase’ and lower speculation in the market.
CVD shows weakening spot demand
Meanwhile, the taker flow data shows similar signs of weakness in terms of XRP demand. Since April 17, all centralized exchange (CEX) estimated spot CVD has tumbled to $920 million, coinciding with cooling leverage, as mentioned earlier.
To explain, the CVD measures the net difference between buying and selling pressure over time, i.e., market buys minus market sells. At the same time, the Binance perpetual CVD has also receded, falling from -$271 million to -$383 million.
The fall in perpetual CVD markets shows that selling pressure in the XRP futures markets has continued to run unabated. Essentially, both spot and perpetual markets point toward weak retail demand for XRP.
Longs continue to get liquidated
Finally, fresh data from Coinglass shows that XRP longs are getting liquidated in far greater magnitude compared to shorts. In the past 24 hours, a total of $5.06 million worth of positions were liquidated, with $4.39 million of them being long positions.
In terms of exchanges, Binance topped the list, responsible for long liquidations to the tune of $2.14 million. Bybit saw $1.04 million in long positions getting liquidated, while the leading decentralized perpetual exchange (DEX) Hyperliquid saw XRP long liquidations worth $417,000.
