Recent XRP on-chain analysis highlights a divergence between spot demand and perpetual trading activity on the leading exchange, Binance.
An analysis from Xaif Crypto shared that XRP has flipped a major signal. Spot activity has climbed considerably while perpetual selling pressure is building. According to him, this divergence is setting up a potential short squeeze.
XRP Spot Demand Reaches Its Highest Level Since Mid-May
The post builds on a separate analysis from CryptoQuant’s verified author Amr Taha. The commentary cited recent exchange data showing that spot buyers are returning aggressively, while derivatives participants continue to lean heavily in the opposite direction.Â
Per the data, the XRP All CEX Estimated Spot Cumulative Volume Delta (CVD) rose to $267.4 million, its highest level since mid-May. For the uninitiated, this metric measures the balance between aggressive buyers and sellers across major exchanges.
Notably, this is a considerable improvement, considering that the same indicator stood near negative $177 million on April 12. The shift suggests that spot buyers have become more aggressive, with fresh capital entering the XRP market through direct purchases on exchanges.
Binance Futures Sellers Build Pressure
In contrast, the Binance Perpetual CVD recently fell to a new record low of -$792 million. Just a few weeks earlier, specifically on May 12, the same metric was at -$218 million.
Per the analysis, the decline highlights a sharp increase in aggressive selling activity within the Binance perpetual futures market. In other words, many leveraged participants have continued positioning for further pullbacks even as XRP’s price briefly recovered to $1.21.
This creates a rare divergence between spot and derivatives activity. Such conditions can sometimes produce powerful moves if XRP continues trending higher. It also signals that a recovery attempt is not driven by derivative optimism but by actual spot demand.
XRP OI Continues to Climb
Another factor that Taha noted was worth monitoring is open interest. At the time of the analysis, the Binance open interest stood at $251 million, staying close to the highest levels seen since mid-May. Currently, it trends at $424 million.
Per the analysis, if spot buyers continue absorbing the heavy futures selling, bearish positions will face more pressure. However, if spot demand begins to fade, the combination of elevated leverage and persistent futures selling could quickly shift momentum back to the downside.
In the meantime, XRP trades at $1.17, joining a broader crypto market sideways trend following the FOMC meeting yesterday. XRP spot flows show sustained buying pressure, keeping the possibility of a short squeeze in place.
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