XRP Derivatives Activity Hits Multi-Month Low

The three-month moving average (MA-3M) of XRP futures volume has dropped to its lowest level since November 2024, signaling a clear slowdown in derivatives activity.

According to recent data, the MA-3M now stands near $87 billion, reflecting a sustained decline in speculative momentum rather than a short-term dip.

This metric smooths out monthly volatility, meaning the current reading points to several consecutive months of cooling participation across futures markets. After periods of elevated leverage and aggressive positioning, traders appear to be stepping back.

Derivatives Activity Slows

Total monthly XRP futures volume across major exchanges currently sits around $87 billion, significantly lower than levels seen during prior high-participation phases.

Liquidity remains concentrated among a few dominant platforms:

• Binance leads with approximately $39.4 billion in volume
• Bybit follows with roughly $16.3 billion
• OKX accounts for about $10.7 billion

The concentration suggests that while activity has slowed overall, major exchanges still control the majority of derivatives liquidity.

What the Drop Means

A declining three-month volume average often reflects reduced leverage usage and lower risk appetite. This behavior is typically seen during:

• Periods of uncertainty
• Market consolidation phases
• Waiting periods ahead of new catalysts

Importantly, declining futures volume does not necessarily signal weakness. In many cases, cooling derivatives activity can help reset overheated conditions and reduce volatility.

Cooling Phase or Base Building?

The current slowdown may represent a transitional phase. Markets often move from high-leverage speculation into quieter consolidation before a larger directional move develops.

If futures volume begins to recover alongside improving price structure, it could indicate renewed participation and momentum. Until then, XRP’s derivatives market appears to be in a cooling and rebalancing stage following previous spikes in activity.

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