Amr Taha2026-08-11

XRP Positioning Turns More Defensive as Leverage Rebuilds Before CPI and PPI

XRP derivatives positioning has shifted sharply since the start of August, with leverage rebuilding even as both perpetual and spot order flow moved deeper into seller-dominated territory. Binance’s 7-day Open Interest change rose from roughly -13% on August 1 to +7.4% on August 11, representing a swing of more than 20 percentage points. Over the same period, Binance Perpetual CVD declined from approximately -$251 million to -$349.5 million, a deterioration of nearly $100 million. Selling pressure was also visible beyond derivatives. All-CEX Estimated Spot CVD fell from around +$193 million to -$34.3 million, marking a net deterioration of roughly $227 million since the beginning of August. The combination is notable: leverage is expanding while aggressive selling remains dominant across both derivatives and spot markets. This suggests XRP is entering a major U.S. macro-data window with increasingly defensive positioning and a larger concentration of leveraged exposure. With CPI and PPI releases approaching, this structure could make XRP particularly sensitive to any shift in market expectations.