XRP is struggling around $1.15 as fear and uncertainty define the current market environment, and holders are looking for evidence that the current level represents support rather than a temporary pause before further decline. The price is under pressure – and a CryptoQuant analyst has identified a derivatives reset that occurred during the last sell-off, showing a sharp difference between two of the largest XRP trading platforms in the world.
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The sell-off caused a forced deleveraging on Bybit that is impossible to ignore based on the data. XRP open interest on Bybit fell to around $181 million – the lowest level since February 13, when it was almost $180 million. The current reading represents a 36% decline from Bybit’s recent peak of $283 million on May 22. A third of leveraged XRP positions on one of the most active derivatives platforms in the market were wiped out within a short time frame – the behavioral hallmark of forced exits rather than voluntary position management.
Binance tells a completely different story. XRP open interest on Binance remained close to $246 million after the same price drop – only about 2.4% below the recent high of $252 million on June 2. While Bybit experienced a 36% contraction in open interest, Binance kept its positioning almost completely intact.
Two large locations. Same property. Same price drop. Completely opposite derivative responses. The difference between the two is the structural signal that the CryptoQuant analysis examines – and what it reveals about the health of the current XRP market structure at $1.15 is the key analytical question the data raises right now.
The next step comes from one exchange
The liquidation facts confirms what the open divergence of interests entailed. XRP’s decline wasn’t purely caused by spot selling; forced exits from leveraged long positions amplified and accelerated the move. Multiple liquidation events exceeded $3.5 million, with long liquidations dominating throughout.
The futures volume data adds the scale context. On June 5, Binance recorded approximately $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 locations in one session. The derivatives market was not decoupled during the decline. It simultaneously processed a huge amount of forced and voluntary position changes.
XRP Futures Trading Volume By Exchange | Source: CryptoQuant
The recovery from the low of $1.055 to above $1.14 – a recovery of more than 8% – provides evidence that the sell-off included a leverage component rather than representing a complete collapse in underlying demand. When forced liquidations cause a significant portion of the decline, the price tends to recover once the exits are completed and real buyers emerge.
The structure that remains is specific. Bybit has sharply reduced its debt burden, with open interest returning to February levels – its fragile positioning has been cleaned up. Binance remains near its recent highs, with positioning almost completely intact. The next big development in XRP derivatives will come from Binance – the venue with the most remaining exposure and the exchange that has not yet undergone the reset that Bybit completed during the sell-off.
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XRP is stuck at $1.15 after losing key support
XRP is trading around $1.15 after a prolonged decline that wiped out much of the progress generated in the second half of 2025. The chart shows a market that remains under pressure, but is also approaching a critical turning point after testing lows of the year.
XRP consolidates below $1.15 level | Source: XRPUSDT chart on TradingView
The dominant feature of the three-day time frame is the continued sequence of lower highs and lower lows that began after XRP peaked near $3.50. Every major recovery attempt since then has been rejected below the previous swing high, confirming that sellers continue to control the broader trend. More recently, XRP lost the key support area of $1.25-$1.30, creating a new leg lower towards the psychological $1.10 region.
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From a structural perspective, the current price zone is important because it is close to the lows reached during the first quarter correction. Buyers have repeatedly defended this area and avoided a complete failure despite multiple tests. However, recovery efforts have been weak, indicating that demand remains subdued.
The moving averages continue to reflect bearish conditions. XRP handelt onder de voortschrijdende gemiddelden over 50 perioden, 100 perioden en 200 perioden, terwijl het gemiddelde over 50 perioden fungeert als dynamische weerstand in de buurt van $ 1,40. Until the price regains that level, any upswing will remain technically corrective rather than trend-changing.
The main support remains between $1.05 and $1.10. A decisive loss from that zone could expose XRP to a deeper retracement towards the $0.90-$1.00 region. Conversely, recovering $1.30 and then $1.40 would be the first signal that buyers are starting to regain control after months of persistent weakness.
Featured image of ChatGPT, chart from TradingView.com
Credit : www.newsbtc.com
