XRP (XRP) is holding near $1.14, but a sharp split between spot buying and perpetual selling shows traders do not agree on the move.
Key Points:
- XRP open interest fell to $823.8M while the token held near $1.14.
- Spot CVD improved by about $448M, signaling stronger direct demand.
- Binance perpetual CVD dropped to negative $783M, showing defensive futures positioning.
XRP Spot Demand
Ripple-linked XRP is showing firmer spot demand even as leverage leaves the market, according to CryptoQuant data cited in a Jul. 8 market analysis by Samyukhtha L KM.
Open interest fell from more than $1B to about $823.8M, while XRP stayed close to $1.14, suggesting the move was not driven mainly by aggressive futures positioning.
That matters because a lower leverage base can reduce the risk of a forced unwind, while spot buyers appear to be absorbing supply without adding the same level of derivatives exposure.
Spot taker CVD earlier showed clear taker-buy dominance before shifting toward a more neutral reading. Across centralized exchanges, estimated spot CVD improved from about negative $42M to positive $406M, a net increase of roughly $448M.
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XRP Futures Split
The futures market did not confirm the same strength, leaving XRP with a cleaner spot bid but weaker speculative backing from derivatives traders.
Futures taker CVD stayed weak to neutral, meaning futures traders did not show the same buying pressure seen in spot flows.
The divide was clearest on Binance, where perpetual CVD dropped from about negative $48M to negative $783M, pointing to heavy sell-side pressure in perpetual contracts.
At the same time, Binance open interest fell from about $255M to $203M, showing that traders were also cutting leverage rather than building conviction behind a breakout.
The setup does not fit a simple bullish breakout narrative. Spot buyers have supported XRP over the past two months, but derivatives traders remain cautious, creating a split that can make price action more fragile if spot demand fades.
XRP has often seen sharp short-term moves when leverage expands too quickly, but this reading shows the opposite pattern. The latest move looks less crowded, though the futures market still shows clear reluctance to chase it.
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