A CryptoQuant analyst identified a sharp divergence in XRP liquidation patterns between Bybit and Binance, with Bybit seeing a concentrated leverage flush while Binance held the line.
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XRP holds $1.15 as Bybit leverage flush reveals rare exchange divergence
XRP traded at $1.15 as of 01:00 UTC on June 10, after a derivatives reset on Bybit wiped out leveraged long positions while Binance showed comparatively orderly liquidation patterns.
"Bybit saw a concentrated flush of XRP leveraged positions during the sell-off, while Binance's order book structure remained relatively intact," a CryptoQuant analyst said in a research note published June 9.
Bybit's XRP open interest dropped sharply as long positions were liquidated, while Binance's XRP perpetual swap funding rate stayed near neutral, suggesting less forced selling on the larger venue. XRP fell to a low of $1.13 on June 9, according to CoinGecko data, before recovering to $1.15. The broader crypto market saw more than $420 million in total liquidations across the past 24 hours, with $324 million in long positions wiped out, per Coinglass. Bitcoin traded at $61,757, down 1.68%, while Ethereum fell 1.83% to $1,641.
The Bybit flush may have cleared enough leverage to set up a relief rally, but XRP remains in a precarious position. The token trades below all major moving averages, with the 200-day SMA at $1.64 representing a long climb back. The next key support sits at $1.11 — February's low during the Iran war crash — with $1.00 as the monthly Bollinger floor if that level breaks.
Why the Bybit-Binance divergence matters for XRP
The leverage reset on Bybit mirrors a pattern seen in previous XRP sell-offs where a concentrated liquidation event on a single venue preceded a local bottom. In 2024, a similar Bybit flush when XRP traded near $0.56 preceded a rally to $3.66, a gain of more than 550%, according to analyst Dark Defender.
XRP's relative strength index has dropped to 27.55 on the daily timeframe, deep in oversold territory. The monthly RSI reading of 41.6 is the lowest in the token's 13-year history, a level reached only four times previously — each time preceding a significant rally within one to two years, though those rallies started from much lower prices.
What to watch next
Three factors will determine whether XRP holds $1.15 or slides further. The first is whether whale withdrawals from Binance climb back above the current 978 million XRP 30-day figure — a four-year low that signals large holders have stopped accumulating. The second is the CLARITY Act floor vote in the US Senate, which would settle the regulatory question for XRP if passed before the August recess. The third is whether Bitcoin can hold above $60,000, as XRP has closely tracked BTC's price action through this sell-off.
This article is for informational purposes only and does not constitute investment advice.
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