[DigitalToday reporter Yoonseo Lee] Leverage in XRP on Binance's futures market has neared the low range for 2026.

On July 17 (local time), blockchain outlet The Crypto Basic reported that Binance's estimated leverage ratio (ELR) for XRP fell to 0.16, the weakest level since November 2024.

CryptoQuant analyst Darkpost pointed out that the current figure has moved close to the April 2026 low of 0.15. XRP has undergone a roughly 70 percent correction from its 2025 high of $3.65. It means traders sharply cut leveraged exposure during the price decline.

In the market, some see the move as a position-clearing phase rather than short-term bearishness. Darkpost cited shrinking futures positions as the main factor behind the fall in the leverage ratio. Liquidations continued during the correction, and as leveraged positions closed, open interest also fell, lowering speculative trading, he explained.

He then assessed that "this deleveraging is a healthy signal". Excessive leverage makes the market more vulnerable and increases the risk of sharp price swings.

Darkpost compared the current move with mid-2024. At the time, XRP moved sideways for months around $0.40 and Binance's estimated leverage ratio fell to around 0.05. XRP then climbed more than 790 percent to above $3.60. Given the current price is around $1.10, a rise of the same magnitude could send it to around $9.80.

Still, it cannot be assumed the same pattern will repeat this time. Darkpost said "current conditions do not guarantee another major rally" and noted that tracking deleveraging cycles helps identify changes in market structure and the process of easing speculative overheating.

A different shift in user behaviour was also seen, separate from fund flows within exchanges. XRP holders have recently been choosing withdrawals more than deposits on major exchanges such as Coinbase, Binance and Bybit. Based on CryptoQuant data, Coinbase's seven-day withdrawal trend posted its strongest level since February this week, and withdrawals from Binance also returned to February levels.

Still, the increase in outflows from exchanges did not immediately lead to higher prices. XRP traded relatively steadily around $1.10, and the rise in withdrawals has not yet translated into an immediate signal of a price rebound. Analyst Amr Taha explained that the data counts the number of deposit and withdrawal transactions, not the amount or size of XRP moved. It is closer to a change in user behaviour than inflows and outflows themselves.

As a result, near-term focus in the XRP market narrows to two tracks. The key is whether reduced leverage in the futures market lowers the risk of further liquidations and leads to bottoming out, and whether increased exchange withdrawals translates into an actual easing of selling pressure. For now, a signal that market structure is being reorganised appears clearer than a price rebound.

️ Deleveraging returns for XRP, Echoing Its 2024 +790% Rally setup « Today, XRP’s ELR on Binance stands at 0.16, one of the lowest levels recorded since November 2024. A similar scenario already played out in 2024, while XRP traded around $0.40 and consolidated, the ELR… pic.twitter.com/HgS1xuCoLn