XRP Defies Support Crash With Sudden $184 Million Binance Inflow
Speculative traders launched a counterattack on Binance, pushing XRP into a local rebound after a sharp market correction.
XRP Defies Support Crash With Sudden $184 Million Binance Inflow
Speculative traders launched a counterattack on Binance, pushing XRP into a local rebound after a sharp market correction.
XRP price Defies Support Drop
Speculative traders in the derivatives market recently launched a large-scale counterattack to defend XRP price from a prolonged decline following the release of tough macroeconomic data in the United States. According to an analyst from CryptoQuant known as DarkFrost, an abnormal capital inflow was recorded on Binance alone as key support levels broke. More than $184 million flowed into long contracts within a few hours, allowing the token to quickly recover from a drop below $1.30 and post a local 5% rebound.
The massive wave of selling began after the asset corrected by 22.5% from its September high of $1.65. Downward pressure on the wider cryptocurrency sector intensified after US consumer price and producer price indices came in hotter than expected, triggering a drop across US stock indices. However, certain large players viewed the drop below $1.30 as an extreme market asymmetry and opened positions against the prevailing bearish trend.
Concentrated Volume on Binance
On-chain data confirms that the defensive wave of liquidity was isolated and bypassed other major exchanges, concentrating heavily on Binance. During the peak hour, the volume of market buy orders on the exchange exceeded $73 million. Several subsequent hourly intervals brought in another $35 million each, forming a total of $184 million in speculative capital.
Meanwhile, activity on competing exchanges remained low during the same period. The volume of similar buys on Bybit reached only $1 million, while OKX saw less than $451,000. Despite the short-term success of the strategy and the subsequent price rise, analysts point to high risks for the market due to the heavy reliance on leverage rather than long-term spot interest.
About The Author
