Open interest in XRP derivatives on Binance has dropped 15.3% from a six-month high, with the pullback following a sharp September recovery in leverage and price. During late September, open interest fell about 15% in dollar terms as XRP declined roughly 5%, from $1.66 to $1.57. On October 1, 2026, Binance XRP perpetuals held approximately $485 million in open interest. Earlier, between August 22 and September 17, 2026, open interest fell about 32%, from roughly $323 million to around $219 million-$220 million, while XRP lost about 11%. The contraction included forced closures of over-leveraged positions, while spot buying activity increased. Cumulative volume delta, a measure of aggressive buying and selling pressure, deteriorated to negative $2.1 billion in spot markets and negative $1 billion on Binance perpetuals. Open interest later recovered toward yearly highs near $600 million, moving above its 180-day average of around $445 million as XRP rose more than 50% during September. CryptoQuant described the latest decline as a cooling period after that advance. Balanced funding rates and long/short ratios among larger accounts suggest neither side is dangerously crowded. Traders are watching whether open interest rises with price, which would indicate renewed leveraged-buyer conviction, or increases while price remains flat or falls, which can point to growing short positions or trapped longs.