XRP's spot bulls show up to work; perp traders called in sick 🏖️

XRP is trading near $1.14 against a divided market backdrop in which spot buyers have absorbed supply while perpetual futures traders have stepped back. CryptoQuant data shows Open Interest falling from above $1 billion to around $823.8 million as the token held steady, pointing to support that is not being built primarily through aggressive futures positioning. The move leaves the market spot-led, with buyers taking on supply without a corresponding build-up in derivatives risk.

Spot demand has strengthened notably. The Spot Taker CVD chart showed clear taker-buy dominance earlier before moving into a more neutral zone, with buyers more aggressive in the spot market at the start of the period. At press time, the all-CEX Estimated Spot CVD improved from around -$42 million to +$406 million, a net rise of about $448 million. Spot participants have been absorbing XRP supply over the past two months, according to the cited metrics.

The derivatives side has told the opposite story. XRP's Futures Taker CVD has stayed weak to neutral, indicating that futures traders are not matching the buying strength visible in spot flows. Binance Perpetual CVD dropped from around -$48 million to -$783 million, reflecting heavy sell-side pressure in perpetual contracts. At the same time, Binance Open Interest fell from about $255 million to $203 million, a reduction that shows leverage being cut rather than added.

Taken together, the data describes a sharp divergence between spot and perpetual markets rather than a straightforward bullish breakout. Spot demand has improved, while derivatives traders remain unconvinced and have continued to reduce exposure. XRP's current setup reflects that split, with cash buyers absorbing supply even as leveraged participants trim positions.