Cryptocurrency analytics company CryptoQuant stated that despite the rise in $XRP price, a cautious outlook has emerged in the futures market.
According to the company’s latest data, as $XRP rose above the $1.46 level, leveraged positions in derivative markets began to increase again.
According to CryptoQuant data, the amount of open $XRP on Binance has increased from approximately 207 million on April 30th to 232 million today. This indicates that investors are turning back to leveraged trading after the recent market reset.
However, the company added that the capital flow behind the rise did not appear strong. Particularly noteworthy was the decline in Binance Perpetual CVD data to approximately minus $434 million. It was stated that while the $XRP price was rising, perpetual futures traders continued to take short positions or adopted a more defensive stance.
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In addition, it was noted that the estimated spot CVD data across all centralized exchanges has fallen to approximately $575 million. According to CryptoQuant, this indicates that the rise in $XRP is not a widespread accumulation movement driven by strong spot demand. The company stated that the current structure is more complex, with leveraged trading increasing as the price rises, but spot demand not strengthening to the same extent.
The analysis also noted that the increase in leverage was not limited to Binance. As of today, the open interest change has reached approximately $18 million on Binance, $10.4 million on OKX, and $8.5 million on Bybit. Thus, it was stated that a total of approximately $36.9 million in new open interest was added across the three major exchanges.
CryptoQuant stated that the current movement in $XRP is more of a “derivatives market stress test” than a classic bullish breakout. The company indicated that the most important signal going forward would be a renewed upward trend in spot CVD data, adding that strong spot demand while open positions remain high would more reliably confirm the uptrend.
*This is not investment advice.
