XRP derivatives activity has weakened, with combined futures volume falling to $897 million and long liquidations continuing to outweigh short liquidations since February.
XRP futures trading has retreated to its lowest seven-day average volume since May, while activity has become more concentrated on Binance. On August 3, Binance handled about $437 million in XRP futures volume versus roughly $460 million across all other centralized exchanges combined, leaving Binance with nearly 48.7% of the $897 million total and volume equal to around 95% of the rest of the market. The shift is notable against May 1, when Binance posted $409 million and other exchanges recorded $733 million. Since then, Binance volume has risen about 6.8%, while volume outside the exchange has fallen around 37%, pulling combined volume down roughly 21.5% from $1.14 billion. Liquidation trends point to continued pressure on leveraged bulls: since February, long-position liquidations have consistently exceeded short-position liquidations, indicating that leveraged buyers have borne most of the strain during XRP price declines. The overall picture is of a quieter XRP derivatives market with risk increasingly centered on one venue, a setup that may leave trading more sensitive to any meaningful return of leveraged capital.