The derivatives market of XRP ($XRP) has undergone a sheer reset after the squeeze cascade in the long positions from October 6 to 18. With a wipeout of $1.9B in the cumulative $XRP leveraged position, the open interest (OI) has plunged by 65.5%, indicating a wider derivative market reset. As per the data from CryptoOnchain, this notable correction is raising concerns among the community amid the growing uncertainty. Additionally, this sell-off cascade denotes the speculative positions’ cleansing and likely turning point for the futures sector of XRP.
$XRP Futures OI Plummets by 65.5% as Market Incurs $1.9B Wipeout
In line with the on-chain statistics, the liquidation of a stunning $1.9 billion in XRP ($XRP) long positions between the 6th and 18th of October has severely impacted the market. As a result of this, the open interest (OI) in XRP ($XRP) has slumped from $2.9 billion to just $1B. This broader cascade accounts for a 65.5% drop.
Market Reset Denotes Likely Q4 Rebound Following Derivatives Purge
According to CryptoOnchain, the plunge in $XRP’s open interest (OI) is now going through a notable drop after the key peaks witnessed during 2025. Driven by the squeeze cascade in the $XRP long positions, the current reset is noteworthy after sentiment fluctuations over the past months. However, this purge could lead to a robust rebound as soon as the market stabilizes, but it remains to be seen over the remainder of the Q4.
