Binance sell-off tests XRP; $1.31–$1.35 support holds

Aggressive selling on Binance on May 23 pushed XRP to about $1.31 before the price recovered to roughly $1.35. CryptoQuant data published May 26 shows Binance Cumulative Net Taker Volume for XRP near negative $83 million when the token traded near $1.31, larger than a roughly negative $58 million reading on April 2, when XRP traded near $1.28.

Binance order books thinned near current prices. XRP’s 30-day Binance liquidity index dropped to about 0.043 near $1.34, the lowest level since January 2020. The index previously traded above three and four points during 2022–2024, which indicates fewer resting orders are available to absorb large trades.

CryptoQuant wrote: “While low liquidity is not inherently a direct bullish or bearish signal, it reflects a state of caution and anticipation within the market, especially given the reduced activity compared to previous periods of stronger inflows and higher liquidity.”

From a technical view, XRP rotated lower from highs near $1.50. Multiple rebounds in May failed below resistance, creating lower highs. Price moved close to the lower Bollinger Band and remained below key moving averages. Trading volume rose during steep declines and then moderated as price consolidated around $1.33.

CryptoQuant’s analysis described the May 23 episode as “one of its sharpest Binance sell-pressure events in nearly two months” and noted the market did not follow through with a deeper breakdown. The analysis added that the episode resembled a short-term sell-pressure test that buyers partially absorbed.

Market participants are monitoring Binance taker flows, futures positioning and order-book depth to see whether taker activity and resting orders return to prior levels.