XRP rebounded as Binance spot turnover fell nearly 80%

XRP futures exposure began rebuilding by October 11 after market-data provider XRPL.to recorded $40.70 million in long liquidations across Binance, Bybit and OKX during October 7–8 in its streamed sample. XRP traded near $1.40 at the October 11 snapshot.

Binance and Bybit each had less outstanding futures exposure measured in XRP at midnight on October 11 than at midnight on October 8, even after both books expanded over the preceding day. Meanwhile, Binance spot trading slowed during the price rebound, leaving the recovery without clear evidence of sustained buying on that venue.

XRPL.to collected $40.70 million of long liquidations and $1.72 million of short liquidations across Binance, Bybit and OKX during the two completed UTC days of October 7 and 8. Those figures come from its streamed liquidation sample, which records forced closures reported by the three exchanges.

Binance accounted for $24.69 million of the sampled long liquidations, followed by Bybit at $11.65 million and OKX at $4.36 million. The imbalance shows that forced closures in the collected stream fell overwhelmingly on positions exposed to rising XRP prices.

The dollar figures describe the notional value of liquidated contracts, rather than traders' realized cash losses.

Coverage also limits the total. XRPL.to's methodology says Binance streams at most one liquidation per symbol per second, making its collected figures a floor. Collector restarts can leave gaps.

The separate recent OKX liquidation-order sample is excluded because it can overlap with the streamed events.

The clearest evidence that outstanding exposure was removed comes from matched open-interest readings in XRP units. Open interest measures contracts still outstanding, with a long and a short counterparty to each position.

Between 00:00 UTC on October 8 and October 9, Binance XRPUSDT open interest fell from 321.40 million to 295.47 million XRP. That removed 25.93 million XRP of contract exposure, an 8.1% decline. Bybit's reading fell from 211.92 million to 197.90 million XRP, down 14.02 million XRP, or 6.6%, over the same interval.

Because the quantities fell, this was a contraction in outstanding exposure. A lower XRP price alone can reduce the dollar valuation of a futures book without reducing its underlying quantity.

Open interest in millions of XRP, at 00:00 UTC on each date in 2026. Data by XRPL.to; Binance readings cross-checked against Binance's original series.

By October 11 midnight, the direction had changed. Binance added exposure equivalent to 3.72 million XRP from the preceding midnight, a 1.3% increase. Bybit added 6.46 million XRP, up 3.3%. Both readings nonetheless remained below October 8: Binance by 7.4% and Bybit by 5.2%.

The dollar series tells a related but different story. Binance's open-interest value fell from $456.53 million to $407.60 million between October 8 and 9 midnight, a 10.7% decline. That exceeded the 8.1% quantity decline because the implied valuation per XRP also fell. Binance's market-data definitions distinguish total open interest from its value; neither is a direct measure of money flowing into or out of XRP.