XRP Futures Open Interest Plummets 59% as Traders Eye Critical $2.46 Resistance

Futures traders just slashed their XRP exposure by more than half—and the market's holding its breath.

The 59% nosedive in open interest signals a massive exodus from leveraged positions. It's the kind of volatility purge that either precedes a capitulation event or sets the stage for a cleaner, more decisive move. Right now, all eyes are locked on that $2.46 price level.

Why $2.46 Matters

In the crypto casino, certain numbers just get tattooed on traders' brains. $2.46 for XRP is one of them. It's not just another line on a chart; it's a strategic resistance zone that's repelled rallies before. Breaking through it requires serious buying conviction—the kind that's been in short supply lately.

The market's message is clear: the weak hands are out. The question is whether this clears the decks for a rally or simply reveals a lack of bullish faith. After all, a 59% drop in futures interest isn't a tweak—it's a statement.

What's Next for XRP?

Watch the price action around $2.46 like a hawk. A sustained break above could trigger a short squeeze and bring sidelined capital back in. Failure here, and we're likely looking at consolidation or another leg down. The purge has happened; now we see if it was smart money leaving or just another round of panic selling by folks who treat futures like a lottery ticket—because nothing says 'sound investment strategy' like maximum leverage on a historically volatile asset.

One thing's certain: with this much leverage flushed out, the next move could be a big one. Buckle up.

XRP Derivatives Show Major Leverage Unwinding

In its analysis, Glassnode points out that the unwinding of leverage in the derivatives markets for XRP is substantial. The open interest in futures contracts has declined from 1.7 billion XRP to 0.7 billion XRP since the early days of October. This analysis comes at a time when it appears that token had difficulty sustaining itself above the level of $3 in early October, settling at the level of $2.19.

Although it remained cautious in the derivative market, some short-term indications of a possible rally are seen on the charts. crypto analyst MarzellCrypto inspections detected that a bullish flag had formed on the 4-hour chart, due to the green Supertrend and the breakout above the 23.6% Fibonacci level of around $2.11. It may aim for the 50% FIB level of $2.46 and further rise to $3.

In addition, renewed institutional interest may contribute to further supporting the market. In terms of the launch of investment products, the Grayscale XRP ETF and Franklin XRP ETF on November 25 attracted the first-day inflow of $164 million.

As of December 1, 2025, token is quoted at $2.05, down 7.28% in the 24 hours, yet despite the more-than-cautious market sentiment indicated by the Fear & Greed Index of 25, some analysts believe that any further consolidation above the level of $2.15 may be followed by a potential breakout if the resistance level at $2.20–$2.30 is recaptured.