Ripple’s XRP – the fourth largest cryptocurrency by market capitalization – is currently showing a strong divergence between its spot market strength and bearish sentiment in the derivatives market.
XRP spot demand builds while futures stay bearish
On Binance crypto exchange, Spot Cumulative Volume Delta (CVD) has surged to $451 million, showing that buy-side activity is building. This indicates that real demand – the real buyers accumulating XRP – are still there in the market despite recent uncertainty.
That said, the derivatives side tells quite a different story. Binance Perpetual CVD remains deeply in the negative zone at close to -$1.5 billion, while the aggregate across all centralized exchanges (CEXs) is close to -$1 billion.
In very simple words, both leveraged traders and investors are still mostly positioned on the sell side, betting against XRP’s upside potential.
This difference shows a growing imbalance. Spot buyers are withstanding selling pressure trickling down from the futures markets – a dynamic that suggests underlying strength.
While just price action may not fully indicate that yet, the actual data suggests that XRP is quietly building a base supported by real demand instead of speculative leverage.
Divergence could set the stage for a larger move
This type of divergence between spot and derivatives markets is not uncommon, but it is often significant.
Past data also shows that when strong spot demand is strong while futures traders remain bearish, the market can become ready for a sharp move. This holds particularly true if leveraged short positions start to unwind.
Recent liquidation data also strengthens this narrative. XRP’s derivatives market still appears weak, with positioning mostly toward downside bets.
If the price begins to move upward, even slightly, it could start a series of short liquidations. This would force bearish traders to finally buy back into the open market, possibly leading to upward momentum.
That being said, this is not really a confirmed bullish setup. Futures traders have not changed their stance, and the broader market context still matters significantly.
For now, XRP sits in a changing phase where accumulation is happening quietly beneath the surface, but conviction remains divided.
If the gap between rising spot demand and bearish derivatives positioning continues to widen, it could eventually act as fuel for a stronger upside reaction. Until then, XRP remains in a weak balance. It is indeed supported by buyers, but still weighed down by skepticism in leveraged markets.
