XRP briefly slipped below $1 on Wednesday before recovering to around $1.01, but derivatives data suggests the selling pressure isn't done. CryptoQuant's Taker Buy/Sell Ratio on Binance fell to about 0.86, its lowest reading since May, a sign that sell orders are outpacing buys in the futures market. The move comes as XRP continues to slide from highs set in previous months, with weak spot demand and fading speculative interest.
Derivatives signal a one-sided market
The Taker Buy/Sell Ratio measures the aggressiveness of buyers versus sellers in the derivatives market. A reading below 1 means more market orders are hitting the sell side. At 0.86, the ratio has spent most of the recent period below that threshold, with brief moves above it that never developed into a lasting trend. That's a clear sign of persistent selling pressure, even as XRP's spot price tries to stabilize. The low ratio doesn't mean XRP must keep falling — it's a temporary imbalance. But if it moves even lower, downward pressure could increase.
Leverage stacks up as open interest climbs
XRP futures open interest stands at 435.1 million units, above the 30-day average of 403.6 million. That puts the Z-score at +1.20σ, meaning leverage is building faster than the recent norm. The combination of price weakness and elevated open interest is a classic setup for a liquidation cascade if the asset falls further. In plain terms: a lot of traders are betting on direction, and the wrong side could get squeezed.
Whales keep buying the dip
While retail sentiment sours, the big holders are doing the opposite. Santiment found that the number of wallets holding at least 1 million XRP has risen by 32 over the past three months, even as the asset's market cap fell 29%. That's a sign of accumulation, not panic. The stronger holders are absorbing the selling, and as one analyst put it, 'patience replaces price-driven hype' — which could make future volatility more interesting for bulls.
Analyst sees room to fall
CasiTrades, a crypto analyst, expects XRP to see a deeper pullback, identifying $0.94 as a possible relief level and $0.87 as a bigger downside target. The low ratio doesn't mean XRP must continue declining; it mainly shows a temporary imbalance between buyers and sellers. If the ratio moves back above 1 and holds, buying interest could improve, especially with stronger price and volume. The next few sessions will show whether the ratio can recover or whether XRP tests the $0.94 level first.
