Spot demand for XRP on centralized exchanges surged to $388 million, hitting an eight-week peak as of July 23. This jump points to growing confidence among buyers despite the token's recent price dip from its $1.16 high.
Contrasting Movements in Spot and Derivatives Markets
While spot traders have been actively accumulating XRP, derivatives markets paint a different picture. Binance perpetual futures show a strong selling trend, with the cumulative volume delta (CVD) deep in negative territory at around -$547 million. This reflects ongoing short-selling pressure rather than long liquidation.
Open interest on Binance also climbed from about $198 million on July 8 to $215.7 million on July 23, an increase of nearly 9%. This rise, combined with persistent selling in perpetual futures, suggests traders are initiating new leveraged short positions instead of just closing existing longs.
Broader Spot Demand and Price Range Stalemate
Spot volume growth isn't isolated to a single exchange. For instance, Coinbase logged $157 million in spot XRP trading on July 21, surpassing Binance's $111 million. This widespread activity reinforces that buyer interest extends across multiple platforms.
On the price front, XRP remains trapped in a narrow range near $1.10. Buyers have yet to push the price above resistance at $1.11, while a drop below the $1.10 support level might lead to a test of $1.08. Conversely, breaking above $1.11 could open the door to $1.13. Technical signals remain mixed: the RSI sits at 50, indicating neutrality, but the MACD offers a slight buy signal, suggesting some bullish momentum.
XRP has gained over 7% in July and continues to hold above its long-term ascending triangle support. Whether buyers can regain full control remains to be seen.
This material is for informational purposes only and does not constitute financial advice.
