XRP is struggling to stay above $1.35 as the market absorbs a wave of post-Fed deleveraging that has squeezed derivatives activity to levels not seen since the start of the year. The price is at a critical juncture – and a CryptoQuant report tracking the aftermath of the Federal Reserve’s April 29 decision charted exactly what happened to the XRP market structure in the hours and days that followed.
The Federal Reserve kept interest rates unchanged at 3.50% to 3.75%, which is in line with expectations. Jerome Powell meanwhile confirmed that he would remain on the Fed as governor after his presidency ends – a development that has led to a rise in overall interest across risk assets rather than allowing markets to settle on the interest rate decision alone. For XRP, the combined effect was immediate and visible throughout the derivatives market.
Binance’s open interest in XRP fell to nearly $208 million on April 29 — a contraction that brought leverage levels back to the same territory seen in February 2026. The significance of this decline lies not just in the level itself, but in what it represents: each Leverage positioning Assets accumulated between February and late April were unwound in a compressed period, bringing the derivatives structure back to its starting point.
The reset was done quickly. What follows is the question that the current price level seeks to answer.
The leverage is gone. The order has not arrived yet
Cryptoquant a report He expands the picture beyond open interest contracts to confirm that debt reduction was accompanied by a real weakness in demand and not just a technical reset. All CEX estimated spot CVD trading has fallen to approximately $920 million since April 17 – meaning that real, underlying buying activity across centralized exchanges has weakened over the same period that leverage has been removed. The two forces moving in the same direction simultaneously are the details that prevent the current setup from being read as directly constructive.
A perpetual market adds a third layer of confirmation. Binance Perpetual CVD fell from around -$271 million to -$383 million, resulting in a further $112 million deepening in net sell-side pressure even as open interest contracted. Sellers remained active in the perpetual market throughout the reset period rather than pulling back alongside leveraged long trades.
Filter data ties the structure together. Long positions dominated liquidation activity from April 17 through the end of the month, with pressure particularly concentrated around the Fed and Powell’s April 29 addresses. The most exposed participants were those who had built up long exposure, and the forced exit from those positions added supply to a market that was already seeing weak spot demand.
The outcome determined by the report is precise and conditional. The XRP market structure is cleaner than it was before, as excess leverage has been removed, and fragile positions have been liquidated. But clean is not the same as ready. For a meaningful recovery from the current $1.35 level to occur, spot CVDs must stabilize and begin to recover. Until that signal appears, the reset process is complete, and the next step remains uncertain.
XRP pressure is tightening as the market tests post deleveraging support
XRP is trading near $1.37, holding a narrow range that has defined the price action since the sharp sell-off in February. The structure is neutral but increasingly compact. After igniting capitulation towards $1.15, the price stabilized and has since formed a series of shallower higher lows, indicating a negative buildup rather than an aggressive trend reversal.
However, the broader context remains limiting. XRP is still trading below all major moving averages, with the 50-day line acting as immediate resistance and the 100-day and 200-day lines trending lower above the price. This consensus keeps the market in a bearish structure in the medium term despite stabilization in the short term.
The $1.35 area is the main pivot. It has repeatedly acted as a support and balance, reflecting the balance between buyers absorbing supply and sellers defending upside attempts. The recent rejection near $1.45 reinforces the presence of oversupply, limiting momentum.
Volume trends support the uniformity thesis. Activity declined significantly compared to February, indicating lower engagement following the deleveraging event. This usually precedes expansion but does not indicate a trend.
A decisive break above $1.45 would change the structure and expose $1.60. Failure to maintain $1.33-$1.35 will invalidate the higher and lower pattern and likely trigger a move back towards $1.25, where the previous demand emerged.
Featured image from ChatGPT, chart from TradingView.com
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