Ripple’s XRP has an interesting disparity between spot and futures markets. On the one hand, spot demand seems to be improving, Futures traders remain skeptical and hesitant.
Here’s the summary.
XRP is holding on with less leverage
At the time of this writing, CryptoQuant data showed Open Interest (OI) falling from $1 billion to approximately $823.8 million, although XRP remained around $1.14.
If XRP Leverage remains steady as it declines, support may not be coming primarily from aggressive futures positions. The market appears spot focused, with buyers absorbing supply without an increase in derivatives exposure.
From where XRP decreased Leverage is important
Source: CryptoQuant
Such low leverage levels are important because XRP’s spot market looks much stronger. The Spot Taker CVD chart showed buyer-buy dominance early on before moving into more neutral territory. Notably, buyers were initially more aggressive in the spot market.
To add to the narrative, include all CEX Forecast Spot CVDs at press time improved approximately -$42 million to +$406 million; this is a net increase of approximately $448 million. Spot buyers have been absorbing XRP supply for the past two months, but the derivatives market has not confirmed this aggression.
Perps traders remain on the defensive
