February 3 News, the XRP derivatives market is showing clear signs of cooling down. According to the latest report from on-chain and contract data provider CryptoQuant, the global open interest in XRP contracts has fallen to approximately $902 million, reaching a new low since 2024. This is a significant decrease from the peak levels of over $2.5 billion to $3 billion in 2025.
Structurally, this is not due to capital migration on a single platform but results from multiple parties simultaneously pulling back. Notably, one leading platform’s XRP open interest has dropped to about $458 million. Market observers point out that this synchronized decline indicates that leverage is being systematically withdrawn, and the derivatives market is undergoing a deep “deleveraging” process.
It is worth noting that the spot price of XRP has not declined sharply in tandem and remains oscillating near previous ranges. This contrasts with 2025, when price volatility was highly correlated with leverage expansion. In the current environment, speculative positions have significantly decreased, short-term amplification effects have weakened, and volatility has consequently declined.
Historical data shows that during periods of continuous decline in open interest, the market often enters a longer consolidation phase, which can even set the stage for potential bottom formation, rather than immediately initiating a one-sided trend. For investors paying attention to XRP price movements, XRP contract data, and crypto deleveraging trends, this change provides important reference.
Moving forward, the market may follow two paths: if open interest continues to hover at low levels while prices remain stable, it indicates that the market is completing leverage reset and gradually transitioning to a healthier structure; if open interest rebounds and price momentum strengthens, it could signal the brewing of a new trend.
Analysts believe that this contraction marks a phase restructuring of the XRP derivatives market, and its long-term direction will depend on whether capital and leverage flow back under new price signals.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Rakuten Pay Integrates XRP for 44 Million Japanese Users, Enables Payments at 5M+ Merchants
Rakuten Pay has integrated XRP, enabling 44 million users to spend the cryptocurrency at over 5 million merchants in Japan. This integration highlights a shift from trading cryptocurrencies to everyday payments, supported by Japan's favorable regulations and fintech infrastructure.
GateNews5h ago
MoonPay Hints at Potential Ripple Collaboration With XRP-Themed Post
MoonPay's recent social media post featuring an XRP theme has sparked speculation about a potential partnership with Ripple. As both companies focus on enhancing cryptocurrency infrastructure, the implications of this possible collaboration, along with Ripple's initiatives in institutional finance, highlight a shift towards practical applications in the crypto space.
GateNews5h ago
Gate’s “Crazy Wednesday” is live with a hot launch. Complete tasks to win XRP and Glenfiddich whisky. For USDT savings, earn up to 100% APY. For BTC/ETH/SOL staking, earn up to 16% mining APY.
Gate News message, according to Gate’s official announcement on April 15, 2026
Gate launches a “Crazy Wednesday” campaign, running from April 15, 2026 at 14:00 to April 19, 2026 at 16:00 (UTC+8). Users complete multiple tasks to unlock mystery boxes, with a chance to win XRP tokens and Glenfiddich whisky. The mystery box tasks include multiple categories such as flash swaps, spot, and futures trading, as well as top-ups, invitations, and VIP upgrades, and each tier corresponds to a different number of mystery box openings.
Campaign Two launches a USDT wealth-management product, with a 14-day fixed-term annualized yield of 6%. New users can also participate in a 3-day product offering 100% annualized yield. In addition, Yu’e Bao also offers multi-currency wealth-management options such as USAT, USDD, 0G, and APT, with annualized returns of up to 300%. Campaign Three introduces a boosted rewards policy for staking users, offering up to a 16% annualized return for staking BTC, ETH, and SOL; for SOL staking, staking 0–1 coins can yield up to 16% annualized.
GateAnnouncement9h ago
XRP Today News: CLARITY Act Pushes Through in May, Standard Chartered Bank Turns Bullish on $8
Ripple CEO Garlinghouse confirmed at the summit that the CLARITY Act’s goal for passage is by the end of May, and said that the controversy surrounding stablecoin yield rates is nearing resolution. If the bill passes, XRP is expected to rise to $5–$10; otherwise, it could fall back to $1.2. The bill’s passage would create a regulatory framework for the digital asset market, clarify XRP’s classification as a commodity, and reduce compliance barriers for institutional investors.
MarketWhisper11h ago
Rakuten Wallet Integrates XRP for Payments Across 5M+ Merchants in Japan
Rakuten Wallet has launched XRP as a payment method, allowing users to buy XRP with Rakuten Points and spend it at millions of merchants in Japan. This integration expands XRP's reach to a vast, non-crypto user base within Rakuten's extensive ecosystem.
GateNews13h ago
