XRP futures OI down $700M as XRPL hosts $4B RWA

Global open interest in XRP futures fell from nearly $3 billion in June to about $2.3 billion by mid‑July, according to data from CoinGlass. The decline was concentrated on major derivatives platforms. CryptoQuant data show open interest on a major exchange fell from more than $500 million in mid‑June to $399 million by July 10. Long liquidations rose 94% from the prior week and were 172% above their three‑month average, while short liquidations declined by more than half. The exchange’s XRP funding rate increased about 266% during the same week.

US spot XRP exchange‑traded funds posted roughly $7.2 million in net outflows in the week ended July 10, according to SoSoValue. That pullback ended a nine‑week inflow streak that had brought nearly $200 million into the funds. Cumulative net inflows for the products reached $1.48 billion and combined assets approached $1 billion at the end of the week.

On‑chain metrics on the XRP Ledger showed lower new user growth and more concentrated activity. Analytics firm Santiment recorded 25,350 active wallets on one of the quietest days of 2026 and 2,130 new wallets, the lowest daily new‑wallet count since November 2024. Transaction counts rose about 3% to 4% versus the prior week and month but remained roughly 21% below their three‑month average. Active addresses were about 11% below the same baseline.

Validator analytics from Vet showed transactions containing source tags increased 28.6% and the number of distinct source tags rose 13%. Source tags identify customer transactions for exchanges, payment providers and other services that use shared accounts, indicating more activity tied to established platforms rather than new individual wallets.

Market pricing data indicated XRP’s traded price fell about 5% over the past week to around $1.11 during the period of reduced futures exposure and weaker wallet growth.

Institutional activity on XRPL expanded in parallel. Evernorth reported roughly $4 billion of tokenized real‑world assets on the ledger spanning more than 500 products. Developers have proposed an XLS‑96 standard to enable confidential transfers for Multi‑Purpose Tokens. The proposal would use encryption and zero‑knowledge proofs to hide individual balances and transfer amounts while allowing validators to confirm supply rules. It would include selective disclosure for issuers to provide transaction details to regulators or auditors and retain controls such as freezing and clawback for confidential assets.

A practical use case took place in May, when a cross‑border redemption involving a tokenized US Treasury product was processed on XRPL in under five seconds, while the corresponding dollar payment moved through a bank network. The transaction involved a token issuer, payments firms and a banking partner.

Market measures over the period showed lower leveraged exposure in futures, modest ETF outflows for the week, and subdued new wallet growth on the ledger, alongside growth in tokenized asset issuance and service‑level transaction tagging.