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
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