XRP has fallen to $1.48 after selling pressure continued through the weekend, but derivatives data shows that traders have not completely turned bearish.
Notably, XRP funding rates remain mostly positive despite the market-wide correction. This comes as Bitcoin and Ethereum record negative rates across several major exchanges.
For context, XRP climbed back above $1.62 on Friday before giving up those gains over the weekend as the broader crypto market came under pressure.
The decline has continued through Monday, Sept. 28, with XRP now trading at $1.48, down 2.37% on the day. This downward move has pushed the token back into the $1.45-$1.48 support area.
XRP reclaimed this range last Monday and buyers have defended it during several tests over the past week. Another defense of this area could help maintain the current price structure.
XRP Funding Rates Remain Mostly Positive
Despite the latest decline in XRP’s price, Coinglass data shows that funding rates across XRP perpetual futures markets remain mostly positive.
The average XRP funding rate currently stands at 0.0149%, while Kraken has the highest reading at 0.2581%. Coinbase perpetuals record the lowest rate at -0.0010%, giving XRP a funding spread of 0.2591%.
The positive trend occurs more prominently in the 8-hour funding rate trend across major exchanges. Specifically, Binance and Bybit both record 0.0076%, while OKX stands at 0.0086%.
HTX, Gate, and Bitget each show a rate of 0.0100%. KuCoin is the only highlighted exchange with a negative XRP funding rate, at -0.0008%. However, this reading remains small compared with the broader positive trend.
Funding rates show how traders are positioned in perpetual futures markets. Positive funding means traders holding long positions pay those holding shorts. As a result, XRP’s continued positive rates suggest that demand for long positions is still stronger than demand for short positions despite the recent price decline.
Bitcoin and Ethereum Show a Different Trend
Meanwhile, Bitcoin is showing a different trend in the derivatives market. Its average funding rate has fallen to -0.0005%, with Binance alone recording a lower reading of -0.0023%.
These negative rates show that short positions have gained ground in Bitcoin’s perpetual futures market, as long traders pay funding to short traders under the current market condition.
Ethereum has a mixed picture at the broader market level, with its average funding rate slightly positive at 0.0012%. However, the three major perpetual exchanges highlighted in the data all show negative 8-hour rates. Specifically, Binance records -0.0026%, Bybit stands at -0.0031%, and OKX posts -0.0001%.
Positive XRP Funding Also Carries a Risk
XRP’s positive funding rates can have some support for the bullish case because they show that long traders continue to hold their positions despite the price decline. The data suggests that many traders still view the current move as a correction, not a sign that the broader trend has changed.
However, positive funding can also create a risk when prices continue to fall. If too many traders remain heavily positioned on the long side, the market can become vulnerable to liquidations.
A break below the $1.45-$1.48 support area could force leveraged traders to close their positions, which may add more selling pressure to XRP.
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