Binance’s XRP reserves fell from 2.704 billion to 2.647 billion between Sept. 27 and Sept. 30, a decline of 56.88 million tokens, or 2.1%, reversing more than half of the roughly 100 million XRP accumulated during the preceding two weeks. At the same time, Binance XRP derivatives open interest retreated 15.3% from a six-month high after recovering toward nearly $600 million during a more than 50% September price advance; it stood at approximately $485 million in XRP perpetuals on Oct. 1, 2026. CryptoQuant characterized the open-interest decline as a cooling period, while balanced funding rates and large-account long/short ratios indicated that neither side was dangerously crowded. Continued reserve outflows could reduce XRP immediately available for spot trading, while the relationship between price and open interest remains a key indicator of renewed leverage or building short exposure.