XRP (XRP) has slipped into a so-called volatility vacuum near $1.37 as on-chain activity and derivatives leverage collapse to multi-month lows.
CryptoQuant Flags Speculative Exhaustion
Analyst CryptoOnChain at on-chain data firm CryptoQuant argues that XRP has entered a classic volatility vacuum after price slipped from $1.58 on May 14 to roughly $1.38 during the broader crypto pullback.
Daily transactions on the XRP Ledger have dropped 20% over three months.
The count now sits near 1.78 million, signaling cooler organic usage on the network.
Derivatives data tells a parallel story. Funding rates on Binance turned negative at -0.003. Total liquidations have collapsed roughly 99% to a few thousand dollars per day, down from levels that previously ran into the millions.
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Leverage Ratio Reveals Reset
Binance's Estimated Leverage Ratio for XRP sits at 0.173, well below the six-month peak of 0.260. The reading points to a structurally de-risked market rather than aggressive short positioning.
Negative funding paired with low leverage carries a different meaning than negative funding paired with crowded shorts, the firm noted.
There is no squeeze setup, and no overcrowded longs waiting to be unwound either.
CryptoQuant said the XRP market has completely exhausted its speculative fuel. Periods of such extreme stagnation, the firm added, have historically preceded sharp directional moves once a macro or fundamental catalyst arrives.
XRP Holds $1.30 Range Floor
XRP traded near $1.36 on Tuesday, with 24-hour volume around $1.25 billion. The token has spent roughly 60% of 2026 trapped between $1.30 and $1.50, and every rally attempt has stalled near the descending 100-day moving average.
The $1.30 floor has held since February. A daily close below that level would open the path toward $1.13, last printed in November 2024, while reclaiming $1.45 to $1.50 would be needed to revive momentum.
XRP has remained under pressure since the February capitulation that dragged price toward $1.15. The token reached $1.58 on May 14 after the Senate Banking Committee advanced the CLARITY Act, but profit-taking and a wider risk-off tone have since erased those gains and pulled XRP back into the lower half of its long-running range.
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