XRP at $1: what the derivatives market, exchange flows, and ETF data say about the level that matters most

Open interest stands at $2.72 billion. Exchange withdrawals hit a five year high. Spot ETF flows reversed. The $1 level on XRP is being tested by forces that pull in opposite directions. Summary XRP traded at $1.02 on August 11, down 4.65% over seven days, placing the token within striking distance of its first sustained test of $1 support since late 2024. Futures open interest across all exchanges stands at $2.72 billion, a figure that has risen even as spot price has fallen, signaling that leveraged traders are building directional positions rather than reducing exposure. Exchange withdrawal data shows a structural shift: monthly net inflows to centralized exchanges have fallen to a record low of approximately 3.6 million XRP, while withdrawals hit their highest level since February 2021. XRP spot ETFs recorded $1.01 million in net inflows for the week ending August 10, but that figure followed a single day outflow of $3.58 million on August 5, producing a mixed signal. SBI Holdings, the largest institutional holder of Ripple equity, reaffirmed its $41.2 billion exposure to the company in its latest disclosure, providing a floor of institutional commitment. XRP has spent the bett...