XRP’s recent 44% surge has revived leverage in the market, heightening the chance of a more pronounced pullback.

According to CryptoQuant data, XRP’s estimated leverage ratio on Binance climbed to roughly 0.21, the highest level seen since January, as longs outnumber shorts and futures trading volume exceeds five times spot activity.

— The leverage ratio on Binance rose to about 0.21 after the token’s 44% weekly gain, marking its peak since January.

— In the last 24 hours, futures volume hit around $6.4 billion, more than five times the spot volume, while open interest stood at $3.45 billion and traders held a strong long bias.

— XRP slipped nearly 5% to $1.44 on Wednesday, raising concerns that further drops could trigger forced liquidations and intensify the decline.

The week‑long 44% rally has pumped leverage back into XRP’s derivatives segment even as the token begins to relinquish some of those gains.

CryptoQuant’s on‑chain analysis shows the leverage ratio for XRP on Binance at about 0.21, its highest since January. This metric contrasts derivatives open interest with exchange reserves; a higher value indicates more leveraged exposure relative to the XRP held on the platform.

CoinGlass data indicates that on Binance there were roughly two long accounts for every short account on Wednesday; among top traders the ratio approached three‑to‑one, while OKX showed about two longs for each short.

XRP futures generated roughly $6.4 billion of volume in the past day, compared with about $1.2 billion on spot markets, and open interest remained near $3.45 billion.

The leverage resurgence occurred during XRP’s strongest stretch in months. A broader crypto rally followed the U.S. Treasury’s expansion of its bond‑buyback program last week, which lowered long‑term yields and pushed bitcoin from under $68,000 to near $80,000. XRP outperformed bitcoin and most other major assets as the momentum spread.

XRP also attracted its own headlines. Ripple announced last week that it is backing a new institutional credit fund that intends to extend loans in its RLUSD stablecoin via the XRP Ledger, and separate ledger data revealed a growing portion of XRP activity occurring during the London‑New York trading‑hour overlap.

XRP dropped almost 5% in 24 hours to $1.44 on Wednesday after earlier trading above $1.50.

With leverage at a seven‑month high and $3.45 billion of open positions heavily weighted to the long side, a sharper decline could compel exchanges to liquidate under‑collateralized contracts. Those forced sales would add to the downward pressure, and a cascade of such liquidations could turn a modest pullback into a much steeper one.

For most of 2026 XRP’s estimated leverage ratio stayed at relatively low levels. The previous time the ratio reached this point, in January, the token was trading above $2.

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