XRP slipped to $1.48 as selling pressure persisted through the weekend, yet derivatives data indicates traders have not fully abandoned bullish positions. Notably, XRP funding rates remain predominantly positive despite a broad market correction, a divergence that emerges as Bitcoin and Ethereum register negative rates across several major exchanges.
For context, XRP rallied above $1.62 on Friday before surrendering those gains over the weekend amid wider market weakness. The downtrend extended into Monday, Sept. 28, leaving the token down 2.37% on the day at $1.48. This pullback has returned XRP to the $1.45–$1.48 support zone, a level reclaimed the previous Monday that buyers have successfully defended through multiple tests. A sustained hold here would preserve the current price structure.
XRP Funding Rates Remain Mostly Positive
Despite the recent price decline, Coinglass data shows funding rates across XRP perpetual futures markets remain largely positive. The average funding rate sits at 0.0149%, with Kraken leading at 0.2581%. Coinbase perpetuals posted the lowest reading at -0.0010%, resulting in a funding spread of 0.2591%.
The positive bias is even more pronounced in the 8-hour funding rates across major venues. Binance and Bybit both report 0.0076%, while OKX stands at 0.0086%. HTX, Gate, and Bitget each show a rate of 0.0100%. KuCoin is the only highlighted exchange with a negative reading, at -0.0008%, a figure negligible against the broader positive trend.
Funding rates reflect positioning in perpetual futures markets; positive rates indicate long holders pay shorts. Consequently, XRP’s sustained positive rates suggest demand for long positions continues to outweigh short interest despite the price drop.
Bitcoin and Ethereum Show a Diverging Trend
Bitcoin presents a contrasting picture. Its average funding rate has dipped to -0.0005%, with Binance recording a deeper negative reading of -0.0023%. These figures signal that short positions have gained traction in Bitcoin’s perpetual market, with longs now paying funding to shorts.
Ethereum offers a mixed signal. While its average funding rate remains slightly positive at 0.0012%, the three major perpetual exchanges highlighted all show negative 8-hour rates: Binance at -0.0026%, Bybit at -0.0031%, and OKX at -0.0001%.
Positive XRP Funding Carries Liquidation Risk
The positive funding environment supports the bullish case by demonstrating that leveraged longs are holding firm through the correction, suggesting traders view the move as a pullback rather than a trend reversal. However, elevated positive funding carries inherent risk during sustained downtrends. Should prices continue to fall, a heavily long-biased market becomes vulnerable to a cascade of liquidations.
A decisive break below the $1.45–$1.48 support area could trigger forced position closures, potentially amplifying selling pressure on XRP.