XRP price fell to $1.09 on 9 November, down 12% on the week and 22% on the month, as Binance deposit share hit its highest since 2024 and Cumulative Volume Delta turned negative. The levels to watch.
XRP price has had five straight red days, and the on-chain data says the selling is not finished. XRP traded at $1.09 at 09:45 UTC on 9 November 2026, according to recent data from CoinGecko, down 6.1% in 24 hours, 12.3% over seven days, and 22% over 30 days. Its market cap stood at $69.4 billion on $2.1 billion of daily volume, with $4 billion in perpetual futures open interest.
XRP finished on 4 November at $1.30, before slipping through $1.14 support on Monday. A month ago, on 9 October, it closed at $1.39 with a market cap near $87 billion. About $18 billion has left since then.
CryptoQuant analysts explain where the pressure is coming from, and both point to the same exchange.
The decline splits into two phases. From 9 October to 4 November, XRP drifted from $1.39 to $1.30, a slow 6% leak in line with the wider market after the Binance hack. Then came the midterms. From Wednesday's close to Monday morning, XRP lost 16%, more than double Bitcoin's 7.7% over the same stretch.
That gap is what makes this an XRP story rather than a market story. Ether fell 2% in the same five days. Solana held near $90. XRP, which carries the heaviest retail positioning of the large caps and the most direct exposure to US policy sentiment after its 2025 ETF approvals, was the one that broke.
A recent QuickTake tracks what share of XRP's exchange transactions are deposits versus withdrawals, a rough proxy for whether holders are moving coins in to sell or out to hold. On Binance, the seven-day deposit share reached 59.5% on 8 November, "its highest reading since October 2024," as the token "slipped below $1.15 to around $1.11." The withdrawal share fell to 40.4%, also a two-year low.
The shift is concentrated on Binance. Across all centralised exchanges, deposit share rose from roughly 45% on 27 October to 49% on 8 November, and withdrawal share fell from 55% to 50.9%. So the broad market moved a few points toward selling; Binance moved a lot.
"Binance's deposit share now exceeds the all-exchange figure by 10.5 percentage points," the post says. "Its deposit-withdrawal gap stands at 19.1 points, versus a 1.9-point withdrawal lead across all CEXs."
Taha ties the timing to politics rather than crypto. The divergence "emerged amid wider risk aversion after Democrats won both chambers of Congress in the November 3 U.S. midterms."
There are concerns about tighter AI oversight and limits on data-centre construction, accompanied by a 5 November stock selloff in which "the Nasdaq Composite dropped 5.5%, while the Nasdaq 100 shed about $2.5 trillion in market value." Citing Ballotpedia, it adds that 46 of 47 local ballot measures decided in 2026 went against data-centre development as of 4 November.
Whether that chain of causation holds for XRP specifically is open to argument. What is not in doubt is that Binance users started depositing XRP in size the same week, and deposits are the step before a sale.
Another CryptoQuant contributor looks at what happened once those coins arrived. Cumulative Volume Delta, or CVD, nets market buy orders against market sell orders.
For XRP on Binance, it "currently shows a negative reading of approximately -4.33 million XRP, while the asset is trading at around $1.10," the post says. "This indicates that market sell orders are currently outweighing buy orders."
The 30-day average CVD sits near 0.70, so the current reading is a sharp break from the month's norm. The post calls the pattern "a persistent bearish bias in trading activity" and notes it is
"particularly significant given that XRP is trading at relatively low price levels, suggesting that buying demand is still struggling to counterbalance the selling pressure."
The analyst adds a caveat worth keeping: "a negative CVD reading does not necessarily imply that all traders are opening new short positions, as sell orders can also result from closing existing positions or liquidating holdings." With $4 billion in XRP open interest and about $1 billion in crypto-wide liquidations over the weekend, some of the selling is forced rather than chosen.
Put the three together, and the picture is consistent: coins moving onto Binance at the fastest rate in two years, market sells outrunning market buys once they get there, and a price that has lost $1.14. Polymarket traders give XRP a 57.5% chance of touching $1.00 in November and 50.5% for $1.20, according to odds displayed by CoinGecko on 9 November, which is a market that cannot decide which comes first.
In the bullish scenario, Binance deposit share rolls over from 59.5%, CVD climbs back toward its 30-day average, and XRP reclaims $1.14 and then the $1.21 level it closed at on 5 November. A soft US CPI print on Tuesday would help, since the selling started with a macro shock.
That said, in a bearish scenario, deposits keep climbing, CVD stays negative, and $1.00 gets tested for the first time since early 2025. Below that there is little recent trading history to lean on. The deposit share and CVD readings update daily on CryptoQuant, and either turning before price does would be the first real sign the sellers are running out of coins.
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