Why XRP’s $783M perp selling raises questions despite strong spot demand

Ripple’s $XRP has an interesting disparity between its spot and futures markets. On one side, spot demand appears to be improving, while futures traders remain doubtful and hesitant.

Here’s the rundown.

$XRP holds with lesser leverage

At the time of writing, CryptoQuant data showed that Open Interest (OI) dropped from above $1 billion to around $823.8 million, even as $XRP held near $1.14.

If $XRP is holding steady while leverage is coming down, the support may not be coming mainly from aggressive futures positioning. The market seems spot-led, with buyers absorbing supply without a build in derivatives risk.

Why $XRP’s reduced leverage matters

Source: CryptoQuant

Such low levels of leverage are significant because $XRP’s spot market looks a lot stronger. The Spot Taker CVD chart showed clear taker-buy dominance earlier, before moving into a more neutral zone. Notably, buyers were more aggressive in the spot market in the beginning.

To add to the narrative, at press time, all CEX Estimated Spot CVD improved from around -$42 million to +$406 million; that’s a net rise of about $448 million. Spot buyers have been absorbing $XRP supply over the past two months, but the derivatives market isn’t confirming that aggression.

Perps traders stay defensive

$XRP’s Futures Taker CVD has stayed weak/neutral, which essentially means that futures traders are not showing the same buying strength seen in spot flows.

Source: CryptoQuant

Here’s something that makes the split a lot more obvious. Binance Perpetual CVD dropped from around -$48 million to -$783 million, so there’s huge sell-side pressure in perpetual contracts.

Source: Cryptoquant

At the same time, Binance OI fell from about $255 million to $203 million, so it’s clear that leverage is also being cut.

Moreover, $XRP’s current setup is not simply a bullish breakout story. While spot demand has improved, derivatives traders remain unconvinced, creating a sharp divergence between the spot and perpetual markets.

Final Summary

• $XRP’s recent move is not because of heavy leverage.
• Spot CVD improved, but Binance Perpetual CVD dropped.