XRP dipped below $1.00 twice this week, the first time the token has traded under that level in nearly two years. The move comes as negative commentary across social platforms hits a three-month low in crowd mood, and derivatives traders pile into positions at a pace that echoes a painful October event.
Sentiment sours
Online chatter around XRP has turned sharply negative over the past seven days. Popular social media platforms show the lowest crowd mood in three months, according to tracking data. That's a notable shift for a token that spent much of the year trading comfortably above $1. The dip below the psychological mark hasn't been seen since late 2024, and traders are clearly paying attention.
Leverage builds
XRP's open interest — the total value of outstanding derivatives positions — is now approaching levels last seen around the October 10 liquidation event, when more than $19 billion in leveraged positions were wiped out in less than a day. Rising open interest means traders are committing more capital and leverage into the market. But high open interest doesn't set the direction of the move. Overleveraged longs can amplify a crash just as easily as they can fuel a rally.
Selling pressure on Binance
CryptoQuant, the on-chain analytics firm, noted that XRP selling pressure on Binance has risen significantly in the past few weeks. That's a concrete signal from the exchange's order books, and it aligns with the broader bearish mood. It's not the kind of thing that resolves quietly — someone is actively dumping into the market.
Network activity spikes anyway
Despite the price slide, the XRP Ledger saw nearly 50,000 active addresses in a single 24-hour period, marking a two-month high. That's a sharp turnaround from July, when activity slumped to near-year lows. The last time network activity jumped this way was in May, and it preceded a major XRP rally that drove the token to $1.55.
Put it together: rising on-chain activity, a pessimistic crowd, and a derivatives book stacked like it was before a $19 billion blowup. That combination doesn't point in any one direction, but it does point toward intense volatility in the near term. Whether that means a squeeze higher or another leg down, the next few sessions are likely to be loud.
