XRP Shows $448M Spot Demand Surge While Perpetual Traders Cut $783M Positions

Ripple's XRP exhibits a notable disparity between its spot and futures markets, with spot demand improving while futures traders remain hesitant. At press time, CryptoQuant data showed Open Interest dropped from above $1 billion to around $823.8 million, even as XRP held near $1.14. The divergence suggests the market is spot-led, with buyers absorbing supply without a corresponding build in derivatives risk, while perpetual contract traders maintain defensive positioning.

XRP Open Interest Drops to $823.8M Despite Price Stability

CryptoQuant data showed that Open Interest dropped from above $1 billion to around $823.8 million at the time of writing, even as XRP held near $1.14. The decline in leverage indicates that XRP's price support is not coming mainly from aggressive futures positioning. The market appears spot-led, with buyers absorbing supply without a build in derivatives risk.

Spot Market Shows $448M Net CVD Improvement

At press time, all CEX Estimated Spot CVD improved from around -$42 million to +$406 million, representing a net rise of about $448 million. The Spot Taker CVD chart showed clear taker-buy dominance earlier before moving into a more neutral zone. Buyers demonstrated more aggressive behavior in the spot market initially. Spot buyers have been absorbing XRP supply over the past two months, but the derivatives market has not confirmed that aggression.

Binance Perpetual CVD Declines $735M Amid Reduced Leverage

XRP's Futures Taker CVD remained weak or neutral, indicating that futures traders are not showing the same buying strength seen in spot flows. Binance Perpetual CVD dropped from around -$48 million to -$783 million, reflecting significant sell-side pressure in perpetual contracts. Simultaneously, Binance OI fell from about $255 million to $203 million, confirming that leverage is being reduced. The data reveals a sharp divergence between the spot and perpetual markets, with derivatives traders remaining unconvinced despite improved spot demand.

FAQ

What happened to XRP's Open Interest recently? XRP's Open Interest dropped from above $1 billion to around $823.8 million according to CryptoQuant data, while the price held near $1.14.

How much did XRP's spot market CVD improve? All CEX Estimated Spot CVD improved from around -$42 million to +$406 million at press time, representing a net rise of about $448 million over the past two months.

What does the decline in Binance Perpetual CVD indicate? Binance Perpetual CVD dropped from around -$48 million to -$783 million, indicating significant sell-side pressure in perpetual contracts and a defensive stance among futures traders despite spot market strength.