XRP’s derivatives market on Binance has recorded a major reduction in leveraged exposure, with its Estimated Leverage Ratio falling 26.2%. According to CryptoQuant analyst Arab Chain, the ratio declined from 0.229 in September to approximately 0.169 in October. The decline marks a substantial reversal from September’s elevated readings, reflecting reduced leveraged positioning among XRP traders amid weaker price performance. Arab Chain linked the changing market structure to potential position closures and reduced leverage, identifying a notable shift in derivatives activity. The latest reading places Binance’s XRP leverage considerably below its earlier 2026 highs, following several months of fluctuations in derivatives positioning.