XRP is struggling around $1.15 as fear and uncertainty dominate the current market mood. Holders are looking for signs that this level is real support, not just a pause before another drop. The price is under pressure, and a CryptoQuant analyst has pointed to a derivatives reset during the recent sell-off that shows a sharp difference between two of the world’s largest XRP trading platforms.
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The sell-off triggered a forced deleveraging event on Bybit, and the data makes it hard to ignore. XRP’s open interest on Bybit dropped to about $181 million—its lowest since February 13, when it was near $180 million. That’s a 36% decline from Bybit’s recent peak of $283 million on May 22. A third of the leveraged XRP positions on one of the most active derivatives exchanges were wiped out in a short time—a clear sign of forced exits, not voluntary position management.
Binance tells a completely different story. XRP’s open interest on Binance stayed around $246 million after the same price drop—only about 2.4% below its recent high of $252 million from June 2. While Bybit saw a 36% drop in open interest, Binance held its positions almost unchanged. Two major exchanges. The same asset. The same price decline. Completely opposite reactions in derivatives.
This difference is the structural signal the CryptoQuant analysis focuses on—and what it reveals about the health of XRP’s current market structure at $1.15 is the most important question the data raises right now.
### The Next Move Comes From One Exchange
The liquidation data confirms what the open interest difference suggested. XRP’s drop wasn’t just from spot selling—forced exits from leveraged long positions made the move worse and faster. Several liquidation events exceeded $3.5 million, with long liquidations dominating throughout.
The futures volume data adds context about the scale. On June 5, Binance recorded about $1.85 billion in XRP futures volume. Bybit contributed $727 million, OKX $429 million, and Bitget $423 million—a total of $3.43 billion across four exchanges in a single day. The derivatives market wasn’t sitting out during the decline. It was handling a huge number of forced and voluntary position changes at the same time.
XRP Futures Trading Volume By Exchange | Source: CryptoQuant
The recovery from the $1.055 low back above $1.14—a rebound of over 8%—suggests the sell-off included a leverage flush rather than a complete breakdown in underlying demand. When forced liquidations drive a big part of a decline, the price often recovers once the exits are done and real buyers step in.
The remaining structure is specific. Bybit has deleveraged sharply, with open interest reset to February levels—fragile positions cleared. Binance is still near its recent highs, with positions almost fully intact. The next major move in XRP derivatives will come from Binance—the exchange with the most leftover exposure and the one that hasn’t yet seen the reset Bybit went through during the sell-off.
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### XRP Clings To $1.15 After Losing Key Support
XRP is trading around $1.15 after a long decline that has erased much of the gains from the second half of 2025. The chart shows a market still under pressure, but one that is also nearing a critical turning point after testing its lowest levels of the year.
XRP consolidates below $1.15 level | Source: XRPUSDT chart on TradingView
The main feature on the 3-day timeframe is the ongoing pattern of lower highs and lower lows that started after XRP peaked near $3.50. Every major recovery attempt has failed to break the downtrend.Every attempt since then has been rejected below the previous swing high, confirming that sellers are still in control of the broader trend. More recently, XRP lost the key $1.25–$1.30 support zone, triggering another drop toward the psychological $1.10 level.
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From a structural standpoint, the current price area is significant because it’s near the lows set during the first-quarter correction. Buyers have repeatedly defended this zone, preventing a full breakdown despite multiple tests. However, the rebound attempts have been weak, suggesting that demand is still limited.
The moving averages continue to reflect bearish conditions. XRP is trading below the 50-period, 100-period, and 200-period moving averages, while the 50-period average is acting as dynamic resistance near $1.40. Until the price reclaims that level, any bounce remains technically corrective rather than a trend change.
The key support remains between $1.05 and $1.10. A decisive loss of that zone could expose XRP to a deeper pullback toward the $0.90–$1.00 area. On the other hand, reclaiming $1.30 and then $1.40 would be the first sign that buyers are starting to regain control after months of sustained weakness.
Featured image from ChatGPT, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about the XRP leverage flush on Bybit versus Binance covering beginner to advanced angles
BeginnerLevel Questions
1 What is a leverage flush
Its when a big price move forces traders who borrowed money to close their positions at a loss Think of it as a domino effect a small price drop triggers automatic sell orders which pushes the price down further causing more forced sells
2 Why did XRP get flushed on Bybit but not on Binance
Bybit is known for having more aggressive highleverage traders A sudden price move on Bybit triggered a cascade of forced liquidations there Binance has a larger more diverse user base with less concentrated leverage so the same price move didnt trigger a chain reaction
3 Is this a good or bad thing for XRP
Its a shortterm shakeout Its bad for traders who got liquidated but it can be good for the market because it removes weak hands and excessive debt After a flush the price is often healthier for a sustained move
4 What does holding steady mean in this context
It means the price on Binance didnt crash or spike wildly like it did on Bybit Binances order book stayed stable and there was no cascade of forced selling indicating the market there is more balanced
Intermediate Advanced Questions
5 Why does this rare setup matter to analysts
It reveals a liquidity imbalance When one exchange gets flushed but another doesnt it creates a price gap Analysts watch this because it often signals that a major trend reversal or volatility is comingthe market is clearing out bad bets on one exchange while the other acts as a anchor
6 Could this lead to a price pump or dump next
Historically after a leverage flush the price often rebounds quickly because the selling pressure is exhausted However if Binances steady price starts to break it could mean the flush is spreading Most analysts see it as a bullish signal if Binance holds
7 How does this affect retail traders who just hold XRP
If youre just holding you dont