Alpha: $XRP Open Interest Crashed 60% — Here Is What It Means
$XRP OI peaked at $2.6B. Now near $900M. A 60%+ collapse in leveraged exposure while price fell from $3.20 to $1.39.
The speculative froth is gone. Leveraged longs liquidated. Weak hands exited. What remains is spot holders with lower cost basis.
Every major $XRP cycle reset followed similar OI compression before the next directional move. The leverage flush is historically the setup, not the conclusion.
Not calling a bottom. Calling a cleaned-up structure.
Watch the $1.32 level. That is where the thesis breaks.