Data shows the XRP Open Interest on cryptocurrency exchange Binance has seen a significant drop recently, a sign traders are repositioning.

XRP Binance Open Interest Has Dropped To $1.1 Billion

As pointed out by an analyst in a CryptoQuant Quicktake post , XRP traders on Binance have closed off futures market positions recently. The indicator of relevance here’s the “ Open Interest ,” which measures the total amount of derivatives positions related to XRP that are currently open on a given exchange.

When the value of the metric goes up, it means users are setting up fresh positions on the platform. Generally, the total leverage in the sector increases when new positions pop up, so this kind of trend can lead to the asset’s price behaving in a more volatile manner.

On the other hand

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