XRP’s futures activity has remained substantially low since the massive Oct. 10 crash, when the long volatility stretch actually began.
While the broader crypto market has continued to face consistent price corrections since the event that sparked a major deleveraging shock, the derivatives market for XRP has continued to show signs of weakness.
XRP futures open interest drops to around 1.5 billion XRP
On Monday, April 13, crypto analytics platform Glassnode provided data revealing that XRP’s perpetual futures open interest (OI) has declined by about 96% from October 2025 to the present.
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Source: Glassnode
The decline came after the major Oct. 10 crash that triggered a massive deleveraging event when XRP perpetual futures open interest suddenly dropped from seven billion XRP to just about two billion XRP in just a few days.
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While this marked a massive 71% drop in the metric following an unexpected crash, the metric has remained down since the event and has further declined to about 1.5 billion XRP to the present.
Following the sustained decline, XRP perpetual futures open interest has further dropped by an additional 25%, marking a total decline of 96% in the metric over the last six months.
XRP futures traders are still cautious
Since the momentum around the XRP derivatives market remains extremely weak, the sustained decline in the OI suggests that traders remain cautious.
As such, investors' interests are yet to return to levels seen before the crash despite multiple short-term price rebounds during this period.
While the price of XRP has slightly recovered amid brief price rallies, the lack of a corresponding increase in open interest suggests that market participants, especially futures traders, are hesitant to reenter high-leverage positions.
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