XRP spot buying surged to its strongest point since early June, reaching an estimated net volume delta of $388.6 million on July 23. Despite this upward momentum from spot traders, leveraged investors on Binance have increased their bearish bets, as shown by a plunge in perpetual futures CVD to approximately -$547.4 million, marking a steep shift from May’s mild negative figures.
The spike in spot demand comes from activity across major centralized exchanges, reflecting renewed confidence in buying XRP directly. Coinbase led the charge with a spot trading volume around $157 million on July 21, followed by Binance with about $111 million, indicating broad-based interest rather than concentration on a single platform.
Meanwhile, futures markets tell a contrasting story. Binance’s open interest in XRP futures climbed nearly 9% in just over two weeks, from about $198 million on July 8 to $215.7 million on July 23, while the heavily negative cumulative volume delta suggests that fresh short positions are entering the market. This divergence highlights growing tension between spot buyers accumulating the token and futures traders betting on a price drop.
The conflicting signals shows a split sentiment in XRP markets. Spot investors seem optimistic, pushing buy volumes higher since June, yet the derivatives market reveals cautious or bearish sentiment as leveraged traders increase their short exposure aggressively. Such mismatches can heighten volatility if either side faces a sudden squeeze forcing rapid position adjustments.
