XRP’s derivatives market is showing a clear post-Fed leverage reset, with Binance open interest falling back toward levels last seen in February 2026 while selling pressure continues across both spot and perpetual markets.

The move followed the Federal Reserve April 29 decision, where the Fed kept rates unchanged at 3.50%–3.75%.

At the same time, Jerome Powell said he would remain on the Federal Reserve Board as a governor after his chairmanship ends, keeping macro attention high across risk assets.

For XRP, the reaction is visible across three key areas: open interest, CVD, and liquidations.

Binance OI has returned to the same area recorded in February 2026.

On April 29, Binance XRP open interest reached around $208 million, marking a clear contraction from the higher leverage levels seen earlier.

The pressure is also visible in taker flow data.

All CEX Estimated Spot CVD has declined to around $920 million since April 17. This shows that spot demand has weakened during the same period in which leverage has been cooling.

At the same time, Binance Perpetual CVD continued to fall, moving from around -$271 million to -$383 million.

That is a further decline of roughly $112 million, showing that sell-side pressure in the perpetual market has remained active.

Liquidation data confirms the same structure.

long liquidations continued to dominate from April 17 into the end of the month, especially around the latest Fed and Powell-related headlines.

This shows that long positions were the most exposed during the move, with forced liquidations adding pressure to the market.

The key takeaway is that XRP’s market structure has shifted into a cleaner but more cautious phase.

Lower open interest can help remove excess leverage, but for a stronger recovery to develop, XRP likely needs spot CVD to stabilize.

Written by Amr Taha