glassnode: XRP derivatives leverage continues to shrink, market sentiment remains cautious

According to Odaily, on-chain analytics platform glassnode posted on X stating that after experiencing a dramatic deleveraging in early October 2025, XRP perpetual contract open interest (OI) fell sharply from 7 billion to 2 billion, a drop of 71%. Subsequently, market positions were further compressed, with OI declining by another 25% to 1.5 billion. The market has not yet rebuilt speculative positions, indicating that derivatives traders overall remain cautious, and risk appetite has not yet clearly recovered.