The scale of the positioning is easier to see measured in tokens. About 2.77 billion XRP now sits in futures positions, up from closer to 2 billion earlier this summer and nearing the levels last seen when the token was worth several times more.
The ledger is getting busier too. Nearly 50,000 addresses were active over one 24-hour stretch, the most in more than two months, per Santiment, after activity slid close to its 2026 lows in July.
An active address is a wallet that sent or received anything during the period. It shows more wallets are using the ledger, but not whether the people behind them are buying, selling or shuffling tokens between their own accounts.
CoinGlass data shows the long-to-short ratio across all venues at about 0.93 over 24 hours, meaning positioning market-wide is close to balanced. The heavy long bias sits on Binance, OKX and among their bigger accounts.
Watch what happens if XRP breaks below $1, as leveraged longs that run out of collateral get closed by the exchange, which could mean selling into the market.
XRP trades around $1 in Asia morning hours Monday, with bitcoin topping $64,000.