XRP Futures Crater as Leverage Dries Up, But Big Players Still Pile In

XRP has lost some shine over the past fortnight. Prices have slipped, leverage is draining fast, and futures traders are pulling back. But while smaller players are packing up, whales are sniffing out opportunity—and they’re not exactly shy about it.

The coin, which had one of the most dramatic runs in July, is now staring at a harsh comedown. But it’s not all doom and gloom. Beneath the surface, there’s a strange calm—like the quiet before something big.

From Sizzle to Slump: The Price Pullback

Just weeks ago, XRP was on a tear. The price rocketed up 68% from $2.17 to a stunning $3.66 by July 18.

That rally? Mostly fuelled by futures contracts—leveraged ones. Traders were in high gear, chasing quick gains.

Now?

Well, that balloon just popped. XRP is trading at $3.13 as of July 30. That’s a 14% drop in less than two weeks. Not the worst crash we’ve seen in crypto, but still enough to rattle some cages.

Interestingly, the drop has been fairly orderly. No dramatic crashes, no black swans. Just a steady deflation. Almost like everyone saw it coming but didn’t flinch—except the leveraged crowd.

Futures Market Bails Out as Open Interest Nosedives

Futures open interest (OI) is often a useful lens into trader behaviour. High OI signals confidence—or greed. Low OI? Fear, uncertainty, or just boredom.

On July 18, XRP futures open interest peaked at a whopping $11.2 billion. That was the top. Since then, it’s tanked to $8.57 billion.

That’s a $2.4 billion drop in less than two weeks. Put another way: a 21% chunk of leveraged bets have vanished.

Some of those traders likely closed out for profit. Others? Probably not so lucky. Liquidations tend to snowball, and analysts are already muttering about more to come. Especially if the price starts slipping toward $2.60—a level seen as a soft floor by some and a trapdoor by others.

A pullback in OI isn’t always bad. Sometimes it’s just the market catching its breath.

Whales Smell Opportunity—And Act

While retail traders may be sweating over charts, big wallets are behaving… differently.

On July 29, large holders—commonly referred to as “whales”—gobbled up 60 million XRP, according to data from crypto analyst Ali Martinez. That’s not small potatoes. Based on current prices, that’s roughly $187 million worth.

Why are they buying into a dip that others fear?

Maybe they know something. Maybe they’re just hungry. But historically, whale accumulation during pullbacks has often preceded fresh surges.

Here’s the bullet point that sums it up nicely:

• On July 29 alone, 60 million XRP was accumulated by whale wallets, bucking broader market sentiment.

This kind of accumulation usually isn’t random. Whales don’t just toss money around. When they buy, they tend to buy with intent—and deep pockets.

What’s Driving the Caution in Futures?

The XRP futures market isn’t collapsing—but it’s definitely cooling off. And it’s not just XRP. Across the crypto space, traders are pulling back from high-leverage bets.

Here’s a snapshot of the shift in XRP’s open interest:

The link between falling OI and declining price isn’t always perfect, but right now they seem to be moving in sync.

Some traders are rotating into other assets. Others are simply sitting on the sidelines, watching. It’s the kind of behaviour that often precedes either a major consolidation—or a sharp leg down.

That uncertainty is keeping things tense.

Analysts Divided on What Comes Next

With XRP’s price still hovering above the $3 mark, the market feels… unsettled.

Some analysts warn that if $2.60 gives way, things could unravel fast. Liquidity tends to dry up quickly below key psychological levels. And once panic sets in, it spreads faster than a cold in a crowded train.

Others, however, point to the recent whale activity and see signs of strength. Buying into fear has worked before. It might again.

Much depends on broader crypto sentiment and macroeconomic signals—things like interest rate outlooks, regulatory noise, and Bitcoin’s next big move.

But make no mistake: XRP is now a battleground asset.

Retail Looks Hesitant as Attention Turns Elsewhere

Among smaller holders and retail traders, enthusiasm seems to have cooled. That’s not surprising.

Many got burned chasing the recent spike. Now, they’re licking wounds—or looking elsewhere. Some have shifted focus to other altcoins with more buzz, more upside, or just less drama.

Anecdotal reports from Telegram trading groups and Reddit threads suggest interest in XRP is “meh” right now. That can shift fast, of course. Crypto sentiment is nothing if not fickle.

But for now, the mood is cautious. Almost like everyone’s waiting for someone else to make the first move.

And here’s the thing: whale moves don’t always spark retail FOMO right away. Sometimes, it takes a headline or a price jolt to get the crowd moving again.