According to data from CryptoQuant, the estimated leverage ratio for XRP on Binance has climbed to its highest level since early 2026. This surge has aligned with a recent price rally for XRP, signaling that trading appetite in the derivatives market has picked up notably.
Leverage climbs as XRP price surges
Over three consecutive days, the price of XRP rose, reaching as high as $1.292 during intraday trading on Monday. At the same time, investor use of leverage increased significantly, as CryptoQuant reported the XRP leverage ratio rose to approximately 0.1899.
In recent months, this ratio had generally stayed between 0.15 and 0.18. After several attempts to break that range, the latest movement marks a clear upward breakout. The data confirms that trading activity in XRP derivatives has intensified in parallel with the recent price uptick.
The estimated leverage ratio for XRP reaching its highest since early 2026 could reflect growing confidence that the short-term bullish momentum may continue, according to analysts.
Market risk sensitivity could sharpen
CryptoQuant’s analysis suggests that a high leverage ratio can make the market more sensitive to sudden price movements. During such periods, sharp upward or downward swings can accelerate liquidations for both long and short positions.
This makes the direction of the leverage ratio a key indicator for monitoring risk levels in the XRP market in the sessions ahead. A sustained rise in estimated leverage implies that derivatives activity is heating up even more than on the spot market.
Other derivatives market indicators gain strength
Another indicator, Binance’s XRP Open Interest Z-Score over a 30-day moving average, also backed the uptick in derivatives market activity. The 30-day moving average of open interest climbed to 484.8 million XRP, which is the highest level seen in four months.
CryptoQuant, a platform renowned for on-chain and market analytics, highlighted these latest figures as evidence that liquidity and participation could be gradually returning to the XRP futures market.
An average open interest of 484.8 million XRP over 30 days reinforces the view that liquidity and activity may be regaining strength on the futures side, according to the platform.
The figures indicate that XRP’s short-term price recovery has not only been reflected in spot markets but has also spread to derivative instruments. However, given the elevated leverage levels, market volatility is expected to warrant especially close attention in the coming period.
