The XRP (XRP) price decreased by 16.8% between February 23 and February 26, resulting in $ 79 million, using long liquidation. In particular, despite the increasing probability of approval for the US XRP Exchange-Traded Fund (ETF), despite the significant positive regulatory outlook.
At the same time, the open interest in XRP futures fell to the lowest level in 2025, indicating that traders are loosening their leverage. This change does not necessarily inform the wider weakness, but raises concerns about whether the optimistic momentum of XRP has weakened.
XRP total gift public interest, XRP. Source: COINGLASS
The total stake in XRP futures dropped to 13.3 billion won and decreased 8% from last week. In contrast, SOL Open Interest fell 4% over the same period, while Doge’s total futures market remained flat.
To decide whether or not a trader is losing interest in XRP, it is necessary to analyze the rate of financing of permanent contracts (reverse swap). The ratio billed by the exchange to balance the demand for leverage is a long (purchase) position and expresses positive emotions when paying the price owned by the position. On the contrary, negative proportions suggest a weak outlook.
XRP 8 hours permanent future funding ratio. Source: COINGLASS
The 8 -hour financing rate of XRP has been close to zero since December 9, which represents a balanced leverage demand between the bull and the bear. The last short surge in leverage demand occurred after 140% of the XRP price for two weeks on December 4, 2024. In particular, the peak of the purchase pressure was ahead of the rapid 22% correction within three days.
December 2024 XRP / USD 12 -hour price. Source: TradingView / COINTELEGRAPH
On December 3, 2024, the rate of financing was less than 0.05% per 8 hours, which was 0.45% per month. This suggests that the buyer has already been actively seated before the modification.
Reduced XRP demand shows uncertainty about the SPOT ETF approval and SEC case resolution.
The current market conditions are very different from the market conditions in December 2024. The last rally of XRP has risen from $ 2.41 to $ 2.83 between $ 2.41 between February 12 and February 15. However, the funding ratio data shows that the demand for leverage does not increase. This suggests that the XRP holder has been excessively optimistic or changed to other cryptocurrency after the strong profit of the late 2024.
One factor that weakens passion among XRP traders is the US Securities and Exchange Commission (SEC) lawsuit against Ripple. The SEC withdrew the case for Coinbase, OpenSea, Robinhood and Uniswap, but Ripple is still an exception. This represents a double -edged sword for XRP, where long -term uncertainty weakens investor convictions. But an amazing positive resolution can cause a sharp rally.
relevant: The director of XRP unveils the institutional Defi roadmap.
John Reed Stark, head of the Internet executive director of SEC, mentioned the “demolition of” SEC CRYPTO Encucement Program “for the” demolition of “SEC Crypto Encucement Program”.
source: JohnredStark
Another source of concern for XRP holders is known to have failed to attempt to persuade Ripple CEO Brad Garlinghouse to persuade to adopt strategic digital asset protection instead of focusing only on Bitcoin. Pierre Rochard, vice president of research at Riot Platforms, emphasized this frustration, pointing out that Trump’s executive will no longer form an encryption council and will not be overwhelming the urgency of such an initiative.
source: Bitcoin Pierre
The decrease in demand for XRP futures is ultimately a weak signal. Traders suggest that they are focusing on other opportunities or staying in a side job.
This reluctant can be from the uncertainty of dismissing the potential approval of the US SPOT XRP Exchange-Traded Fund (ETF) and the SEC charges for the final Ripple.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.