XRP Derivatives Market Sees Divergent Responses Amid Price Pressure
- XRP open interest on Bybit fell to approximately $181 million, a decline of about 36% from its peak of $283 million on May 22.
- In contrast, Binance maintained XRP open interest near $246 million, only about a 2.4% decrease from its recent high.
- On June 5, Binance recorded approximately $1.85 billion in XRP futures volume, while Bybit contributed $727 million.
- The sell-off led to multiple liquidation events exceeding $3.5 million, primarily driven by long liquidations.
The divergence in XRP derivatives market responses between Bybit and Binance highlights structural differences amid the current price pressure around $1.15. While Bybit experienced significant deleveraging, Binance’s positioning largely remained intact despite the price decline.
This divergence suggests that future developments in the Binance derivatives market could be pivotal for XRP’s price trajectory as it navigates through this period of uncertainty and potential support testing at key levels like $1.05-$1.10 and resistance near $1.30-$1.40.
(Source)
