XRP futures drop $700M; XRPL hosts $4B in tokenized assets

Global open interest in XRP futures declined from nearly $3 billion in June to about $2.3 billion by mid-July, according to data compiled by CoinGlass and CryptoQuant. The decline was concentrated on major exchanges. Binance’s XRP futures open interest fell from over $500 million in mid-June to about $399 million by July 10.

During the same period, long liquidations rose 94% week-over-week and stood 172% above their three-month average, while short liquidations fell by more than half, per CryptoQuant. Binance’s XRP funding rate increased about 266% over the week despite lower open interest, reflecting higher premiums for traders holding long positions.

US spot XRP exchange-traded funds recorded roughly $7.2 million in net outflows for the week ended July 10, ending a nine-week inflow streak that had brought about $200 million into those products, according to fund flow data. The ETFs have accumulated cumulative net inflows of about $1.48 billion and held nearly $1 billion in combined assets at the end of the week.

On-chain metrics showed reduced retail engagement even as some service-based activity rose. Blockchain analytics firm Santiment logged 25,350 active wallets on one of the quietest days of 2026, and new wallet creation fell to 2,130, the lowest level since November 2024. Transaction counts increased about 3% to 4% over the prior week and month but remained roughly 21% below their three-month average, while active addresses were about 11% below the same baseline, according to CryptoQuant.

Activity tied to established services increased. Vet, an XRP Ledger validator, reported that transactions containing source tags rose 28.6% and the number of source tags increased 13%. Source tags are used by exchanges, payment providers and custodial services to route transactions for customers who use shared accounts.

Institutional use of the ledger expanded. Evernorth, a digital-asset treasury firm focused on XRP, reported about $4 billion of tokenized real-world assets associated with the network across more than 500 products. In May, Ondo Finance, Ripple, Mastercard and JPMorgan’s Kinexys platform completed a cross-border redemption in which a tokenized US Treasury product was settled on XRPL in under five seconds while dollar payments moved through Kinexys and JPMorgan’s banking rails.

Developers have proposed the XLS-96 standard to add confidential transfers for Multi-Purpose Tokens. The proposal would use encryption and zero-knowledge proofs to conceal individual balances and transfer amounts while allowing validators to verify supply rules. It would permit selective disclosure to regulators and auditors and retain issuer controls such as freezing and clawback functions.

Market data showed XRP trading down about 5% over the past week to roughly $1.11. The decline in futures open interest, the ETF outflows and lower wallet growth coexisted with growing tokenization activity on the XRP Ledger.