XRP Rebounds as Binance Spot Turnover Falls 78.6%

XRP rebounded near $1.40 on October 11 as Binance spot trading volume collapsed 78.6% over the prior three days, even as futures liquidations of $40.70 million unwound across major exchanges.

The liquidation wave struck October 7–8. Binance, Bybit, and OKX collectively closed $40.70 million in long contracts, according to market-data provider XRPL.to. Binance accounted for $24.69 million of that total, Bybit for $11.65 million, and OKX for $4.36 million. Short liquidations during the same window totaled $1.72 million across the three venues.

Binance’s open interest fell sharply. From October 8 to 9, Binance XRPUSDT open interest dropped 25.93 million XRP, an 8.1% decline. The notional value of open positions fell 10.7% in the same period, from $456.53 million to $407.60 million. Bybit’s open interest fell 14.02 million XRP, a 6.6% reduction, over the same window.

Spot turnover on Binance’s XRP/USDT pair evaporated. October 8 saw $252.45 million in volume. By October 9, that had halved to $120.39 million. On October 10, turnover fell further to $54.12 million, marking the 78.6% three-day decline.

Price action diverged from volume. XRP/USDT closed 1.6% higher over October 8–10 despite the plunge in turnover. Buyer-initiated trades on Binance spot accounted for 51.8% of volume on October 9 but fell to 43.1% on October 10, suggesting inconsistent directional pressure even as overall activity dried up.

By October 11, liquidation pressure had eased. Binance open interest recovered to 297.75 million XRP, up 3.72 million XRP (1.3%) from October 10. Bybit’s open interest rose 6.46 million XRP (3.3%) to 201.00 million XRP. Both venues remained below their October 8 levels: Binance by 7.4% and Bybit by 5.2%.

Funding rates on October 11 turned positive across venues, signaling renewed demand from long holders. Binance’s funding rate stood at 0.005908%, Bybit’s at 0.003203%, and OKX’s at 0.005818%, all measured at 12:11:52 UTC. Positive rates mean long-position holders pay short-position holders periodically, typically indicating bullish sentiment.

XRPL.to’s liquidation figures represent a floor rather than a complete count. Binance’s data streams record at most one liquidation per symbol per second, and collector restarts can create gaps in the sample. The dollar figures reflect notional value of closed contracts, not traders’ realized cash losses.