XRP is hovering around $1.15, close to 2025 lows, as derivatives data shows a stark split between exchanges. Bybit's open interest for XRP dropped to $181 million — a 36% fall from its May 22 peak of $283 million and the lowest level since February 13. Meanwhile, Binance's XRP open interest held near $246 million, only 2.4% below its June 2 high, suggesting different trader behavior at the two venues.
Bybit’s leverage flush
The decline on Bybit coincided with a broader price drop that pushed XRP as low as $1.055 before an 8% rebound to above $1.14. Multiple liquidation events exceeded $3.5 million, with long positions bearing the brunt. The rapid recovery indicates the sell-off was partly a leverage flush — forced selling that removed overextended bulls — rather than sustained dumping of spot holdings.
Combined XRP futures volume across four exchanges hit $3.43 billion on June 5. Binance led with $1.85 billion, followed by Bybit at $727 million, OKX at $429 million, and Bitget at $423 million. The heavy volume during the rebound supports the idea that the move lower was mechanical, not fundamentally driven.
Binance holds steady
Binance’s relative stability stands out. Its open interest fell only 2.4% from a recent high, even as XRP lost nearly 9% at one point. That suggests Binance users either added positions on the dip or held through the volatility. The contrast with Bybit’s steeper drop may reflect different user profiles — Binance tends to host more spot-driven traders, while Bybit attracts leveraged futures players.
On the charts, XRP is trading below its 50-, 100-, and 200-period moving averages. The 50-period is acting as resistance near $1.40. Below, the key support zone sits between $1.05 and $1.10. A decisive break below that range could open the door to a decline toward $0.90 to $1.00.
For now, the leverage flush has reset some positioning. But with open interest at Bybit at a multi-month low, the question is whether enough demand exists to push XRP back above the moving averages or if sellers will take another run at the support floor.
