With leverage outnumbering spot volume 6 to 1, XRP traders are walking a $2.36B tightrope

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Stablecoin-margined XRP open interest on Binance fell to about $186 million on July 31, its lowest level since April 2025, according to CryptoQuant. Bybit held roughly $229 million in the same contract type, about $43 million more than Binance.