XRP Leverage Flush Hits Bybit While Binance Holds The Line – Analyst Explains Rare Setup
XRP is trading near $1.15 amid fear and uncertainty, with a key derivatives divergence between Bybit and Binance. During the sell-off, Bybit’s XRP open interest dropped to about $181 million, down 36% from its May 22 peak of $283 million and back to February levels, signaling forced deleveraging and long liquidations. Binance showed almost no reset: open interest stayed near $246 million, only about 2.4% below its recent high of $252 million. This suggests the decline was amplified by leveraged long exits rather than spot-only selling. Liquidations exceeded $3.5 million in multiple events, while XRP futures volume remained heavy across major venues. The rebound from $1.055 back above $1.14 supports the view that the move included a leverage flush. Bybit has already cleared much of its excess positioning, while Binance still carries most of the remaining leveraged exposure.
