XRP withdrawals hit 53% on Binance as leveraged bets reach 2026 high

XRP traders are moving tokens off Binance at the fastest pace of 2026 while simultaneously piling into leveraged positions, creating a setup that could amplify the next price move in either direction.

XRP withdrawals on Binance hit 53.2% as the exchange's estimated leverage ratio climbed to 0.1899, its highest since the start of 2026, according to CryptoQuant.

The leverage ratio had traded between 0.15 and 0.18 for months before breaking higher, the data provider's figures show. The breakout coincided with XRP recovering toward $1.24 before easing back to near $1.20. The metric had recently touched a yearly low, a sharp reset from its 2025 extremes.

Spot cumulative volume delta across all centralized exchanges climbed to $267.4 million, the highest since mid-May, CryptoQuant data shows. Yet Binance perpetual CVD fell to a record -$792.5 million, indicating perp traders are heavily short even as spot buyers absorb the selling. Social volume for XRP spiked in late May and early June, according to Santiment, while active addresses held steady near 28,300 — a divergence that often marks sentiment-driven moves rather than organic demand.

The spot-perp divergence leaves XRP balanced between a short squeeze if spot demand persists and a liquidation cascade if buying weakens. Bulls are defending the 0.786 Fibonacci retracement at $1.17, the last major support before a bearish symmetrical triangle breakdown that projects a target near $0.73. On the upside, resistance clusters in the $1.28 to $1.30 band, and a clean break above that zone could open a path toward the $1.80 swing level.

XRP traded near $1.20 on Tuesday, roughly 67% below its July 2025 record of $3.65. The token has gained about 6% over the past week but remains roughly 45% below year-ago levels. Its market cap stands near $75 billion.

The elevated leverage ratio — down roughly 78% from mid-2025 highs — means violent liquidation cascades are less likely than during the peak of the last cycle. But the current build in borrowed positions adds risk to a market already showing conflicting signals between spot and derivatives flows. If spot buyers keep absorbing perp selling, XRP could move higher quickly. Any weakness in demand, however, could trigger a sharp pullback.

This article is for informational purposes only and does not constitute investment advice.