XRP perpetual futures open interest down 96% from last year's peak

The Ripple (XRP) perpetual futures market is in a slump, with open interest (OI) having fallen 96% from its high last year, U.Today reported, citing data from Glassnode. On-chain data analytics platform Glassnode recently explained via X that the market crash in October 2025 cooled widespread over-leveraging. Subsequent forced liquidations caused XRP perpetual futures OI to shrink from approximately seven billion XRP to 1.5 billion XRP. The platform noted that the decline is even more pronounced when compared to the peak in July of last year. Glassnode added that the current market is failing to attract sufficient speculative buying, leading to a cautious approach from derivatives investors.