I'm afraid I don't have a technical explanation for you. All I know is that if you give me an XLR cable with phantom on, and a ribbon mic, I can cause excursion like that to the point of destroying a ribbon by jiggling the cable connection with the mic. Now, I will exaggerate the angle to ensure the longest difference between pin contact, which isn't typical, but XLR connectors can vary quite a bit in pin alignment. I don't know if that will destroy all ribbons, just my short, thin (2.5 micron or less) ribbons. If somebody wants to send me a ribbon to try and destroy, please feel free! I got tired of reribboning my mic, so I'm not doing more experiments. If somebody wants to send me a few square inches of 2.5 micron and 6 micron material, I can try to measure that difference, otherwise my ribbon-destroying days are over.
Again, not sure why. Collapsing secondary inductance? I really have no idea.