Binance XRP leverage ratio reaches highest level in more than 7 months

XRP derivatives traders on Binance are feeling bold again. The exchange’s Estimated Leverage Ratio (ELR) for XRP climbed to roughly 0.213 on August 24, marking its highest reading since January 2026 and capping off a steady climb from the subdued levels that defined most of the year. For context, the ELR had spent the better part of 2026 languishing in a range of about 0.13 to 0.19. Crossing above 0.2 represents a meaningful shift in how aggressively traders are positioning themselves, and the timing isn’t a coincidence. What the leverage ratio actually tells us The Estimated Leverage Ratio measures the relationship between open interest in XRP futures and the XRP reserves held on Binance. When the ratio climbs, it means traders are deploying more borrowed capital relative to the actual XRP sitting on the exchange. Earlier in 2026, the ratio had been stuck well below 0.2 following a bruising deleveraging cycle that unwound the aggressive positions traders had built during 2025. At their peak back then, ELR readings approached 0.59, nearly three times the current level. Binance doubled the max leverage, and traders noticed The timing of this leverage spike aligns neatly with a struc...