XRP Spot CVD Hits $267.4M While Binance Perpetual CVD Falls to Record Low

XRP moved near $1.20 driven by spot market buyers, while Binance perpetual traders increased short positions. All CEX Estimated Spot CVD climbed to $267.4 million, the highest level since mid-May, reversing from around -$177 million in mid-April, according to Cryptoquant data. The divergence occurred as Binance Perpetual CVD fell to a record -$792.5 million from approximately -$218 million in mid-May. The price recovery reflected spot demand absorbing perpetual market selling pressure amid elevated leverage ratios on Binance reaching 0.187 and declining exchange supply ratios falling to 0.0268.

Spot CVD Climbs to $267.4M While Binance Perpetual CVD Hits Record Low

All CEX Estimated Spot CVD reached $267.4 million, marking the highest level since mid-May. The metric reversed from around -$177 million recorded in mid-April, indicating a return of spot market buyers.

Binance Perpetual CVD fell to -$792.5 million, a record low compared to approximately -$218 million in mid-May. The metric indicated perpetual traders increased short positions while XRP's price rose.

Source: Cryptoquant

Binance XRP Leverage Ratio Reaches 0.187 as Exchange Supply Ratio Falls

Binance's XRP estimated leverage ratio stood at 0.187, approaching the highest level observed in the current period. The ratio indicated traders increased leveraged exposure as the price rebuilt above $1.20.

Source: Cryptoquant

Binance's exchange supply ratio declined to 0.0268. The metric suggested reduced available supply on the exchange.

Source: Cryptoquant

Spot Demand Absorbs Perpetual Selling Pressure

Spot buyers supported XRP's price while Binance perpetual traders maintained short positions. The source stated that if spot demand continues, short positions may come under pressure. The source noted that with elevated leverage, any drop in buying strength can reverse price direction. XRP's current positioning indicated potential for volatile movement according to the source analysis.

FAQ

What is XRP's All CEX Estimated Spot CVD as of mid-May?

XRP's All CEX Estimated Spot CVD climbed to $267.4 million, the highest level since mid-May, reversing from around -$177 million in mid-April according to Cryptoquant data.

What is Binance's XRP estimated leverage ratio?

Binance's XRP estimated leverage ratio stood at 0.187, close to the highest level seen in the current period, indicating traders increased leveraged exposure as the price rebuilt above $1.20.

How did Binance Perpetual CVD change from mid-May?

Binance Perpetual CVD fell to a record -$792.5 million from approximately -$218 million in mid-May, indicating perpetual traders increased short positions while XRP's price rose.