XRP Rebounds, but a 79% Drop in Binance Spot Turnover Tests the Move

XRP’s latest rebound comes with one number that should keep traders from declaring victory too quickly: spot turnover on Binance fell almost 79% while the price recovered.

The move does not automatically mean the rebound is weak. It does mean the price action has not yet been backed by the kind of sustained spot participation that would make the recovery easier to trust.

CryptoSlate analyzed matched market data showing that XRP/USDT turnover on Binance dropped from 252.45 million USDT on October 8 to 120.39 million on October 9. It fell again to 54.12 million on October 10.

That is a 78.6% decline across the completed sessions. Over those same closing dates, XRP rose 1.6%, from 1.3805 to 1.4024 USDT.

Buyer-initiated volume represented 51.8% of XRP traded on Binance spot on October 9, then slipped to 43.1% on October 10. The measure identifies which side initiated each trade; it does not measure net purchases, and the drop shows spot participation was inconsistent.

The source also compared open interest in XRP units so price changes would not be mistaken for positions being opened or closed. Its completed-session data showed exposure contracting sharply after the liquidation wave before beginning a partial rebuild.

The XRP Ledger Foundation detailed the emergency fix to a serious supply bug, adding fresh technical context as XRP markets stabilized.

— XRP Ledger Foundation (@XRPLF) October 11, 2026

The rebound followed a sharp clearing of leveraged positions. XRPL.to recorded $40.70 million in sampled XRP long-liquidation notional across Binance, Bybit, and OKX during October 7 and 8.

That compared with $1.72 million in short liquidations. The figures describe the notional value of forced contract closures in the provider’s captured stream, not traders’ realized cash losses, and the methodology can undercount events.

Open interest measured in XRP fell on both Binance and Bybit after the liquidation wave, then began rebuilding. By October 11, Binance had added 3.72 million XRP of contract exposure from the prior midnight and Bybit had added 6.46 million XRP.

Even after that increase, both venues remained below their October 8 readings. Binance was still 7.4% lower and Bybit was 5.2% lower in XRP-denominated open interest.

Funding rates also turned positive across the major venues in the latest quoted snapshot. That tells traders that long exposure was again carrying a cost. It does not show that the same amount of native XRP was purchased on spot markets, because the perpetual contracts are settled and margined in USDT.

The technical disclosure around the XRP Ledger fix helped separate protocol risk from the market’s leverage and liquidity reset.

— J. A. Akinyele (@ja_akinyele) October 10, 2026

The most constructive reading is that XRP absorbed a heavy long-liquidation event, held near $1.40, and began attracting futures exposure again. The cautious reading is that the recovery occurred while Binance spot turnover evaporated and buyer-initiated trades remained inconsistent.

Neither reading settles the next move. The cleaner confirmation would be continued price strength accompanied by higher completed-session spot volume across more than one venue.

Traders should also watch whether the rebuilt open interest keeps expanding without funding becoming excessively positive.

For now, XRP has stabilized, but the rebound is still proving itself. A market supported mainly by returning leverage can move quickly in either direction.

A market supported by broader spot activity is usually harder to knock over.

The next several daily closes should show which version this is.

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