Amr Taha2026-04-24

XRP Spot CVD Climbs to $1.39B While Binance Perpetual CVD Falls to -$392M

XRP is showing a clear split between spot demand and futures positioning. While spot buying has continued to strengthen across exchanges, Binance perpetual traders remain on the bearish side. This divergence suggests that the recent weakness in futures does not necessarily reflect a lack of real demand. Instead, XRP appears to be going through a futures reset while spot buyers continue to absorb supply. All CEX Estimated Spot CVD rose from $1.08 billion on April 2 to $1.39 billion by April 24, marking an increase of roughly $310 million in spot-driven demand. At the same time, Binance Perpetual CVD moved from -$65 million on March 19 to around -$392 million by April 24. This means futures net selling pressure deepened by approximately $327 million. This contrast is important. Spot CVD is moving higher, showing stronger real buying activity, while perpetual CVD is falling, showing that futures traders are still aggressively selling or opening bearish positions. Since April 18, long liquidations have also been dominant in XRP’s liquidation data. This helped reduce leveraged long exposure and cool crowded bullish positioning. Together with fresh short positioning, this reset is likely contributing to funding rates moving back toward neutral levels. In market structure terms, this is not a simple bearish signal. It is more of a spot accumulation versus futures reset setup.