Two CryptoQuant notes published on November 11 — one by Amr Taha covering XRP open interest and one by Arab Chain covering the estimated leverage ratio — place Binance's stablecoin-margined XRP open interest at $189 million and the leverage ratio at around 0.14, with both authors describing their readings as the lowest in three months. Read alongside Binance's reserve chart, however, the numbers describe something narrower than a market-wide deleveraging: the reset is largely a Binance story.

Binance Went Back to August. Bybit Didn't.

Taha anchors both exchanges to the same date. On August 2, Binance held $182 million in stablecoin-margined XRP open interest; on November 11 it held $189 million, $7 million more. Three months of trading — including XRP's run above $1.80 and its fall back under $1.10 — left Binance's book almost exactly where it started.

Bybit took the other path. Its open interest grew from $229 million on August 2 to $255 million on November 11, a gain of $26 million, or about 11%. Over the window in which Binance's traders were net closing, Bybit's were net adding — which is why the exchange now leads Binance by $66 million.

The ordering is recent. The multi-exchange chart shows Binance carried the larger XRP book for most of the first half of the year, and Bybit has held the lead since late August. Bybit and OKX together now carry 61% of this exchange subtotal. A three-month low on the venue that has been shedding share says little about the one that has been gaining it.

Two Three-Month Lows, One Number

What open interest — the total value of outstanding derivative contracts that have not yet been closed or settled — cannot show is how much margin backs it. A larger book with ample collateral and a smaller one full of thin positions produce the same dollar figure. The leverage ratio exists to fill that gap, which is why a second three-month low on the same day looks like confirmation — but it is mostly the same number. CryptoQuant's methodology defines the estimated leverage ratio as open interest divided by exchange reserves. Open interest is the numerator, so when Taha's figure falls, Arab Chain's falls with it. The two notes are one observation seen from two angles.

The ratio is also an exchange-wide aggregate. A reading of 0.14 does not mean traders are running 0.14 times leverage, and it does not identify any price at which positions would be liquidated. Arab Chain's own note says as much: a lower ratio reduces sensitivity to sharp moves, but it does not mean the risk has gone.

The denominator, meanwhile, has been anything but stable this month.

Binance's Reserves Fell 12%, Then Rose 10%, and the Ratio Followed

CryptoQuant's reserve chart for Binance shows tracked XRP holdings sliding from about 2.69 billion on October 28 to roughly 2.36 billion on November 3, a drop of around 12% in six days. Over the same days the leverage-ratio chart spiked to roughly 0.2, its highest reading since early October. Fewer coins in the denominator, with open interest changing comparatively little, pushed the ratio up.

Then the reserve rebounded, climbing back above 2.6 billion by November 4 and ending near 2.59 billion on November 10, about 10% above the trough. The ratio fell with it, from that 0.2 spike down to 0.14. On these approximate chart readings, the reserve rebound accounts for roughly a third of the ratio's decline from its November peak before a single position is counted as closed. The remainder is open interest actually falling, which Taha's figures confirm. The "three-month low" headline therefore compresses a two-part story: part deleveraging, part a denominator returning to normal after an unusual dip.

Two cautions apply to lining the series up. The open-interest chart counts stablecoin-margined contracts only — futures margined and settled in a stablecoin rather than in the underlying token — while the reserve chart counts all XRP in Binance wallets, most of which is not collateral for those contracts. And coins arriving on an exchange are as consistent with holders preparing to sell as with anything calmer.

The Price Test: $0.99 and $1.08

Coindoo's November 10 channel-breakdown analysis marked $0.99–$1.03 as support and $1.08–$1.11 as the first recovery band, with $1.03 as that session's low. From $1.05 at the time of writing, support sits about 5.7% below and the recovery band 2.9%–5.7% above.

Price also leaks into the derivatives figures. Arab Chain's note was taken with XRP near $1.09; Taha's, hours later, near $1.05 — a 3.7% gap. Open interest is quoted in dollars, so some of any further decline in Binance's figure will be contracts marked down rather than closed. The same effect means Bybit's $26 million gain since August is larger in XRP terms than in dollars, because XRP was more expensive for most of that window.

What a Market-Wide Reset Would Require

The conditions for calling this a market-wide reset rather than a Binance-specific one are specific. Bybit's book would need to shrink toward its August level, the ratio would need to keep falling once reserves have stabilized, and spot demand would need to absorb the deposits behind last week's volume surge. On the chart, holding $0.99–$1.03 and closing back above $1.08 over the coming daily sessions would support that case; a daily close under $0.99 would undercut it, whatever Binance's ratio reads that day.

For now, Binance's traders have unwound three months of positioning and its reserves have refilled. Bybit's traders have done the opposite. The exchange with the smaller XRP book has reset; the one with the larger book has not.

Data context: CryptoQuant notes dated November 11, 2026 — open interest and estimated leverage ratio. Reserve and leverage-ratio values are approximate readings from the published charts; open-interest figures are as stated in Amr Taha's note. Technical levels reference Coindoo's November 10 analysis.

Disclaimer: This article is for informational purposes only and does not constitute investment, financial or trading advice. The figures and chart readings cited come from third-party data providers and Coindoo's own technical analysis, and the price levels discussed are scenarios, not forecasts. Cryptocurrency markets are highly volatile; always do your own research and consult a licensed financial adviser before making any investment decision.