XRP Rebound Comes as Binance Spot Volume Falls 78.6%

XRP rose to about $1.40 by Oct. 11 while trading activity on Binance declined. Binance’s XRP/USDT spot turnover fell from 252.45 million USDT on Oct. 8 to 120.39 million USDT on Oct. 9 and 54.12 million USDT on Oct. 10.

Over the same period, XRP’s daily closing price increased 1.6%, from $1.3805 to $1.4024. An unfinished Oct. 11 candle showed XRP at $1.3957 at 12:12 p.m. UTC.

Buyer-initiated trades represented 51.8% of Binance’s XRP spot volume on Oct. 9, before falling to 43.1% on Oct. 10. The measure identifies which side initiated a trade. It does not represent net buying because every trade has a buyer and a seller.

Futures exposure fell after liquidations recorded across Binance, Bybit and OKX on Oct. 7-8. The exchanges recorded $40.70 million in long liquidations and $1.72 million in short liquidations during the period. Binance accounted for $24.69 million of the sampled long liquidations, followed by Bybit with $11.65 million and OKX with $4.36 million.

The liquidation figures represent the notional value of closed contracts, not traders’ realized losses. They come from streamed records and may not include every liquidation.

Binance XRP futures open interest fell from 321.40 million XRP at midnight on Oct. 8 to 295.47 million XRP at midnight on Oct. 9. That was a decline of 25.93 million XRP, or 8.1%. Bybit’s open interest fell from 211.92 million XRP to 197.90 million XRP, a decline of 14.02 million XRP, or 6.6%.

The two exchanges added exposure by midnight on Oct. 11. Binance open interest rose by 3.72 million XRP from the previous midnight reading to 297.75 million XRP. Bybit added 6.46 million XRP, reaching 201 million XRP.

Both remained below their Oct. 8 levels. Binance was down 7.4% and Bybit was down 5.2% from those readings. Open interest measures outstanding futures contracts and can change through voluntary position closures, new positions and liquidations.

Funding rates also changed. For Oct. 9, settled funding totaled approximately negative 0.0173% on Binance, negative 0.0163% on Bybit and negative 0.0101% on OKX. On Oct. 10, Binance and Bybit recorded positive totals of about 0.0068% and 0.0015%, respectively. OKX remained slightly negative at about negative 0.0014%.

At about 12:11 p.m. UTC on Oct. 11, quoted rates for the next eight-hour payment were positive on all three exchanges: 0.005908% on Binance, 0.003203% on Bybit and about 0.005818% on OKX. Positive funding means long-position holders are quoted to pay short-position holders. The rates can change before settlement.

Binance’s XRPUSDT contract, Bybit’s XRPUSDT perpetual and OKX’s XRP-USDT-SWAP are settled in USDT. Their open-interest figures measure outstanding contract exposure and do not show how many XRP traders purchased in the spot market.