XRP has gained 17% over the past two weeks while sellers have remained active across both perpetual futures and spot markets.
Between Sept. 16 and 27, the XRP price climbed from about $1.30 to around $1.52. However, market flow data shows that sellers continued to increase their activity during the rise.
XRP Perpetual and Spot CVDs Crash
For instance, Binance Perpetual CVD fell from about -$1.0 billion to -$1.29 billion during the same period. This represents a further decline of roughly $290 million. The move shows that aggressive sellers continued to outweigh aggressive buyers as XRP posted a 17% gain.
The selling pressure also appeared in the spot market. Specifically, the All-CEX Estimated Spot CVD dropped from around -$2.27 billion to -$2.70 billion, a further decline of approximately $430 million.
Essentially, this means XRP’s rally happened while selling pressure increased across both perpetual futures and centralized exchange spot markets.
XRP Seeing Rising Open Interest
Binance open interest also changed during the period. From Sept. 16 to 27, OI rose from approximately $210 million to $276.5 million, representing an increase of about 32%. This growth was almost twice the size of XRP’s 17% price gain.
Open interest alone cannot show whether traders are opening long or short positions. However, the falling CVD helps provide some context on the direction.
As open positions increased, aggressive selling also grew. This points to the possibility that traders were adding short positions as XRP’s price pushed higher, instead of mainly opening new long positions.
Such a structure creates a serious situation for XRP bears. The token has continued to rise even as sellers increase their activity and more positions enter the market. If XRP keeps holding its gains, traders betting on a decline could eventually come under greater pressure.
XRP Has Faced Similar Conditions Before
XRP has experienced similar market conditions in the past. In April 2025, deeply negative funding rates came before a roughly 65% rally that took XRP from $1.60 to $2.65. Similar bearish funding conditions also appeared in late 2024 before XRP recorded sharp rebounds.
An important feature of those periods was XRP’s ability to remain strong despite heavy bearish positioning. When strong selling fails to push an asset lower, it can signal that buyers are absorbing the available supply.
The current situation shows a similar pattern. XRP climbed from approximately $1.30 on Sept. 16 to around $1.52 by Sept. 27, while Binance Perpetual CVD and All-CEX Estimated Spot CVD both dropped lower. If XRP continues to hold above these levels, short sellers could face increasing pressure.