XRP open interest just collapsed 70% — here’s why that might actually be bullish

Everyone sees the 70% open interest collapse on xrp and assumes it's bearish. i think they're reading it backwards.

leverage ratio dropped from 0.59 to 0.13. that's speculative excess getting flushed — not organic selling pressure. the overleveraged crowd got liquidated and now the market is cleaner than it's been in months.

what's showing up on-chain is interesting. spot cvd climbing at 148M while perps cvd sits at -1.9B. real buyers absorbing quietly while leveraged traders continue exiting. spot volume at $2.3B vs futures $3.2B — that ratio is tightening toward spot dominance.

less open interest means fewer liquidation cascades on the next move down. more spot demand means a more sustainable base.

historically these setups — heavy oi wipe followed by spot cvd divergence — have preceded accumulation phases not continued breakdowns.

genuine question though — does the on-chain data change how you're reading xrp right now or are you still bearish regardless of the deleveraging signal?