XRP futures open interest took a beating—dropping from 1.7 billion tokens back in early October down to just 0.7 billion. That's roughly a 59% washout, folks. Meanwhile, the funding rate? It's been sliding hard too. From around 0.01% down to a measly 0.001% based on the 7-day simple moving average.

October 10th basically drew a line in the sand. Speculators who were once betting heavy on XRP rallies? They've clearly hit pause. The aggressive upside bets just aren't there anymore. Market structure's shifted, and the data's painting a pretty clear picture of cooled-off enthusiasm.