XRP Perpetual CVD Falls to -$783M as Spot Demand Strengthens, Widening Market Divergence

XRP-3.45%
According to CryptoQuant data, XRP's futures and spot markets show a sharp divergence as of July 8. Binance perpetual CVD dropped significantly from -$48 million to -$783 million, indicating heavy selling pressure among derivatives traders. Meanwhile, spot market conditions improved markedly, with CEX estimated spot CVD rising from -$42 million to +$406 million—a net gain of $448 million—as buyers absorbed XRP supply over recent weeks. Despite XRP holding steady near $1.14, open interest declined from above $1 billion to $823.8 million, reflecting reduced leverage in the market. The data suggests XRP's price support is primarily driven by spot demand rather than derivatives positioning, while futures traders remain unconvinced.
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