XRP CEX Spot Demand Hits 8-Week Peak of $388M

While XRP has corrected from the recent $1.16 high, new market data shows that demand in the spot market has continued to improve.

Specifically, buying activity across centralized exchanges has climbed to its highest level in eight weeks, suggesting that many investors are still accumulating XRP despite the latest price decline.

Notably, the latest data also show a growing gap between the spot and derivatives markets. Spot buyers have become more active, while traders in the perpetual futures market continue to favor selling. 

Spot Buying Reaches Its Highest Level Since June

Data from July 23 shows that the All CEX Estimated Spot CVD climbed to about $388.6 million, its highest level since June 1. The increase shows a rise in aggressive buying across centralized spot exchanges, showing that buyers have returned to the market in greater numbers.

Meanwhile, the trend looks very different in the derivatives market. Notably, Binance Perpetual CVD remained deeply negative at around -$547.4 million, showing that perpetual futures traders continue to favor the sell side.

Also, on Binance, XRP open interest increased from roughly $198 million on July 8 to about $215.7 million on July 23, marking a rise of nearly 9%.

Higher open interest alongside a deeply negative perpetual CVD suggests that traders are opening new leveraged short positions instead of simply closing existing long positions. 

However, open interest alone cannot show the direction of every new position, so it does not tell the full story by itself.

Spot trading also picked up across several major exchanges rather than on just one platform. On July 21, Coinbase recorded around $157 million in XRP spot trading volume, compared with roughly $111 million on Binance. 

This increase suggests that stronger spot demand is spread across multiple exchanges instead of being driven by a single market.

XRP Must Hold Above $1.10

In the short term, XRP continues to trade within a tight range after holding the support around $1.10. Buyers have not yet managed to push the price back above the immediate resistance at $1.11, leaving the token stuck in consolidation.

The current situation suggests that a move below $1.10 could send XRP toward $1.08. On the other hand, a break above $1.11 could open the door for a move to $1.13.

Technical indicators also send mixed signals. The RSI stands at 50, a neutral reading that does not give either buyers or sellers a clear advantage. 

However, the MACD still shows a modest buy signal with a reading of 0.001, keeping the bullish case alive. Looking at the broader trend, XRP has gained more than 7% in July and still trades above long-term ascending triangle support. 

If buyers regain control, XRP first needs to break above $1.1642. A successful move beyond that level could open the way to $1.2318 and then $1.2950, with longer-term resistance sitting near $1.4344. For now, holding above $1.10 remains important if bulls want to keep the current recovery attempt alive.