XRP entered the final week of October with leverage rebuilt and a working beta to Bitcoin that can be applied to near-term ranges two weeks after the tariff shock.
Aggregated XRP open interest sits near $4.4 billion and funding has normalized around neutral to slightly positive, a setup that historically favors outsized moves when shorts are forced to cover.
Market context is calmer than the crash window. Data show the VIX near the mid-teens, the dollar index near 98 to 99, and the 10-year Treasury yield close to 4 percent, with the 10-year anchoring rates while positioning rebuilds.
Prices at today’s London open had Bitcoin near $114,300 and XRP near $2.63, framing the base for scenario math over the next ten days.
The reset that put this beta back in focus came during the Oct. 10 to Oct. 13 purge, when forced selling cleared leverage across majors. Crypto futures saw roughly $19 billion in liquidations during that window.
The unwind removed crowded longs and created air pockets in derivatives order books, which is why subsequent positive funding and rising open interest matter for path dependency. With positioning refilling, relief phases often travel farther than the initial drawdown because price can run into stacked short liquidation clusters.
Coinglass liquidation heatmaps make those bands visible in real time, and funding moving above zero over multiple eight-hour intervals is the tell that squeezes can extend once those bands are engaged.
