Bybit Flushes 36% of $XRP Open Interest While Binance Holds Near Peak
On-chain derivatives data from CryptoQuant shows that $XRP's recent sell-off was not a uniform market event — it was a forced deleveraging concentrated on Bybit, while Binance held its open interest almost entirely intact, producing a structural divergence between the two largest $XRP derivatives venues. Bybit's $XRP open interest dropped to approximately $181 million, its lowest reading since February 13, a 36% contraction from the $283 million peak recorded on May 22. Binance, exposed to the same price decline, barely moved — its $XRP open interest sat near $246 million, just 2.4% below the $252 million high posted on June 2.
Key takeaways
- CryptoQuant derivatives data shows $XRP's recent sell-off was a forced deleveraging concentrated on Bybit, while Binance held its open interest nearly intact.
- Bybit's $XRP open interest fell about 36% to roughly $181 million — its lowest since February 13 — down from a $283 million peak on May 22.
- Binance's $XRP open interest stayed near $246 million, just 2.4% below its $252 million high posted on June 2.
- $XRP dropped to a low near $1.055 before rebounding more than 8% to above $1.14, a pattern consistent with a forced-exit component.
- A CryptoQuant analyst concludes the next significant $XRP derivatives development will originate from Binance, which still carries near-peak exposure.
On-chain derivatives data from CryptoQuant shows that $XRP's recent sell-off was not a uniform market event — it was a forced deleveraging concentrated on Bybit, while Binance held its open interest almost entirely intact, producing a structural divergence between the two largest $XRP derivatives venues. Bybit's $XRP open interest dropped to approximately $181 million, its lowest reading since February 13, a 36% contraction from the $283 million peak recorded on May 22. Binance, exposed to the same price decline, barely moved — its $XRP open interest sat near $246 million, just 2.4% below the $252 million high posted on June 2.
Bybit's Reset Carries the Signature of Forced Exits
A 36% open interest contraction in a compressed timeframe is not orderly position management. The liquidation data confirms it: multiple individual events exceeded $3.5 million, with long liquidations dominating throughout the sell-off. Bybit's open interest is now back near the $180 million level it held in mid-February, meaning roughly a third of the positioning built since then has been cleared.
The price action adds context. $XRP fell to a low near $1.055 before recovering above $1.14 — a rebound exceeding 8%. That snapback pattern is consistent with a sell-off that had a forced-exit component: once liquidations complete, genuine buyers absorb the supply and price recovers.
Binance Carries the Residual Exposure
Binance's positioning held through the same decline that reset Bybit, which is the central finding in the CryptoQuant analysis. The venue that has not yet experienced a reset is the one carrying near-peak open interest — and a CryptoQuant analyst concludes that the next significant $XRP derivatives development will originate from Binance rather than Bybit.
The session volume on June 5 illustrates the scale of what was processed. Binance recorded approximately $1.85 billion in $XRP futures volume that day. Bybit contributed $727 million, OKX $429 million, and Bitget $423 million — a combined $3.43 billion across four venues in a single session. The derivatives market was not a bystander during the decline.
Price Structure: No Trend Change in the Data
$XRP is trading near $1.15 after losing the $1.25–$1.30 support zone, which triggered the leg lower toward the $1.10 area. The broader chart reflects a persistent sequence of lower highs and lower lows that has been in place since $XRP peaked near $3.50. Price is trading below the 50-, 100-, and 200-period moving averages, with the 50-period acting as dynamic resistance near $1.40.
Key support sits between $1.05 and $1.10. A decisive break of that zone opens a path toward the $0.90–$1.00 region. Reclaiming $1.30, and then $1.40, would mark the first technical evidence that buyers are reasserting control — but the moving average structure and the unresolved Binance open interest overhang make both levels distant targets from current price.
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Filed by the digital assets desk of MarketPR on June 2, 2026. Source: newsbtc.com. Indicative figures are not investment advice.