XRP's estimated leverage ratio on Binance has risen to its highest level since 2026, indicating that speculative trading in the futures market is heating up. However, on-chain data has not improved accordingly, with the number of daily active addresses for XRP Ledger remaining roughly at 28,300.

Binance leverage ratio increases

Data shows that XRP's estimated leverage ratio on Binance has risen to 0.1899. This indicator is typically used to gauge risk appetite in the futures market. A higher value means traders are participating in contract trading with higher leverage.

With continuously increasing leverage, price volatility is often amplified. If subsequent buying is insufficient, concentrated positions are more likely to trigger rapid drawdowns.

On-chain addresses are basically flat

Compared to the hype surrounding derivatives, the on-chain data for XRP Ledger is relatively lackluster. Daily active addresses remain around 28,300, showing no growth commensurate with the recent social media buzz.

Analysts believe that active derivatives trading coupled with stagnant on-chain activity typically indicates that this round of trading is more driven by sentiment than by genuine demand expansion.

Market focus is on $1.17

The market will continue to watch whether XRP can hold its key support level. A break below $1.17 could open up further downside potential; for bullish sentiment to be reignited, the price needs to effectively break above the resistance level.

From the current structure, the short-term focus remains on whether leveraged funds continue to accumulate and whether on-chain activity can show a clearer improvement. If these two factors continue to diverge, price volatility may further increase.