XRP trading volume doubles following historic Binance hack

XRP trading volume doubled the day following a major $6.3 billion Binance hack. However, the price moved in the completely opposite direction.

Notably, XRP was trading at $1.25 at press time, October 30, after declining 2.6%, while its 24-hour trading volume jumped 120% to approximately $4.73 billion, per CoinMarketCap. 

The sharp increase in trading activity suggests heightened market participation as traders reacted to the drama surrounding the security incident.

Binance hacked; the crypto market wipes $130 billion 

XRP fell as part of a broader decline in the cryptocurrency market, whose total market capitalization fell 2.47% over 24 hours, wiping out $130 billion.

Bitcoin (BTC) fell approximately 2.65%, while Ethereum (ETH) dropped around 4%, showing that the pressure was not limited to individual cryptocurrencies.

As mentioned, the market downturn followed reports of a security breach at Binance involving approximately $6.3 billion in digital assets, which makes it the largest cryptocurrency hack ever, surpassing the $1.5 billion Bybit incident in February 2025 by a large margin.

However, the exact scale of the losses remains uncertain as investigators continue tracing transactions across multiple blockchain networks.

$1.55 billion in XRP liquidations intensifies selling pressure

Following the initial security concerns, leveraged trading activity appears to have intensified the market decline.

Namely, more than $1.55 billion in cryptocurrency positions were liquidated over 24 hours, including approximately $1.34 billion in long positions, according to CoinGlass data.

XRP accounted for approximately $36.7 million in liquidations, highlighting the impact of forced position closures on the token’s price performance.

Moreover, the obvious skew toward long positions suggests that many traders were positioned for higher prices before the sudden market downturn. As prices declined, however, leveraged positions were automatically closed, creating additional selling pressure.

XRP outlook: Bearish pressure persists

Ultimately, XRP’s latest decline and increased trading volume reflect a combination of factors, including a record Binance hack, weakening cryptocurrency market sentiment, and substantial leveraged liquidations.

Although the 120% increase in trading volume demonstrates heightened market activity, it does not necessarily indicate renewed buying interest. Combined with declining prices, it rather points to increased participation during a period of market uncertainty.

In the near term, XRP’s ability to defend the $1.25 support level will be particularly important. A sustained recovery in broader cryptocurrency markets could help the token regain upward momentum. Conversly, continued selling pressure could expose it to a decline toward $1.2.