XRP traders on Binance are seeing less forced selling after repeated liquidation spikes from late July through September, as derivatives exposure declined and the network value-to-transactions ratio fell 69.28% to 36.97. Binance open interest, which measures outstanding derivatives exposure, dropped about 32% from roughly $323 million on Aug. 22 to $219 million on Sept. 17. Recent data showed long liquidations exceeding short liquidations, leaving traders positioned for further gains more exposed to downward price moves. Network activity also drew attention as XRP traded above $1.60 on Sept. 22, when Santiment recorded 1,917 large transactions and 3,647 new wallets. U.S. spot XRP ETFs attracted $121.4 million in September but recorded $3.28 million in net outflows on Oct. 2, entirely from Bitwise’s fund; combined net assets stood at $1.658 billion. The CryptoQuant analysis said sustained gains would require support from spot buying, trading volume and price structure.