XRP has surged nearly 40% in two weeks, yet almost no one entered this rally with leverage. Total open interest in futures actually fell by 16% during this period. Traders were closing positions rather than scaling in, with the majority of this offloading occurring on offshore platforms. CME has overtaken major crypto exchanges to become the largest venue for XRP futures open interest, with its market share jumping from 10% to 17% in two weeks. Spot ETFs also attracted $110 million in a single week, marking the best performance of 2026 so far. Retail leverage has exited the market while regulated capital has moved in. XRP is currently trading around $1.36-$1.38 following a pullback from resistance near $1.48-$1.50, with a Senate vote on the CLARITY Act expected in mid-September. What are your thoughts on the decline in leverage amid the ongoing influx of institutional money? 👇