XRP Leverage Crashes 78% as ₱82.99 billion ($1.4 billion) in ETF Money Holds Firm
While leveraged traders fled XRP futures, spot ETF buyers accumulated ₱82.99 billion ($1.4 billion) since November and haven't sold despite a 45% loss from launch. Ripple's expansion to 75+ regulatory licenses worldwide suggests long-term conviction over short-term price moves.
Key Takeaway
Leveraged traders capitulated but long-term spot holders bet Ripple's regulatory expansion will eventually push price higher.
Leveraged traders fled XRP futures en masse while spot ETF buyers doubled down through one of crypto's ugliest drawdowns this year.
XRP open interest collapsed from ₱648.5 billion ($10.94 billion) in July 2025 to ₱142.27 billion ($2.40 billion) today — a 78% wipeout that left Binance holding just $222 million in XRP futures and ByBit with $195 million. Two massive Binance outflows in early February — 530 million XRP worth $720 million on Feb. 6, followed by 278 million XRP three days later — signaled that even exchange whales wanted out. CoinGlass and CryptoQuant data shows open interest hit lows not seen since January 2025.
Yet spot ETF buyers piled in $1.4 billion since the funds launched in November at $3 per token, according to Bloomberg ETF analyst James Seyffart on March 10. That means they're sitting on a 45% loss and still haven't sold.
Bloomberg Intelligence ETF analyst Eric Balchunas wrote on X that inflows are near impossible for an ETF having a reverse shiny object moment, especially if brand new. Balchunas credited committed buyers who are largely XRP superfans versus casual retail for the resilience.
Ripple's expanding footprint explains the conviction. The company now holds more than 75 regulatory licenses worldwide and operates Ripple Payments across more than 60 major markets, processing more than $100 billion in volume. On March 11, Ripple acquired BC Payments Australia along with an Australian Financial Services License, adding to its UK and Luxembourg approvals. Standard Chartered projects XRP could surge 330% to $8 by end-2026 if sustained ETF inflows exceed $1.15 billion and regulatory clarity holds — both boxes the token has already checked despite the price collapse.
This article was written based on reporting from CryptoSlate.
