CryptoQuant analyst Amr Taha has identified a notable shift in XRP's underlying market structure. Despite the token trading below recent highs, buying activity across major centralized exchanges continues to strengthen. The Estimated Spot Cumulative Volume Delta across all centralized exchanges climbed from roughly negative $42 million on May 12 to positive $406.6 million by July 7. The nearly $448 million improvement indicates aggressive buyers have consistently absorbed available XRP supply over the past two months.
Spot CVD Turns Positive: Buyers Absorb Liquidity
Cumulative Volume Delta measures the difference between aggressive buying and selling. When the indicator enters positive territory, it generally reflects stronger demand because buyers continue taking available liquidity. Sustained gains often indicate accumulation by investors rather than speculative trading. Binance's spot market also recorded encouraging progress: its Estimated Spot CVD improved from approximately negative $212 million on June 25 to negative $173 million by July 7. Although still below zero, the change suggests selling pressure on Binance's spot market has eased considerably.
Perpetual Futures Deteriorate as Leveraged Sellers Dominate
In sharp contrast, Binance's perpetual futures market continued moving in the opposite direction. Taha reported that Binance Perpetual CVD declined from around negative $48 million to negative $783.2 million over the same period. The nearly $735 million deterioration highlights sustained sell-side aggression from leveraged traders despite improving spot demand across major exchanges. The divergence extends beyond buying and selling. Binance Open Interest declined from approximately 255 million to 203.5 million between late May and early July — a drop of more than 20%. This suggests traders are reducing leveraged exposure rather than opening new speculative positions.
XRP Holds Steady: Spot Support Offsets Derivative Pressure
XRP has remained relatively stable despite persistent selling in perpetual futures. That resilience suggests spot buyers have absorbed much of the supply entering the market, preventing a deeper decline even as derivatives traders maintain a defensive stance. The growing separation between improving spot demand and weakening derivatives activity has become the key takeaway from Taha's analysis. If buying across centralized exchanges remains strengthened while perpetual selling begins to moderate, the market structure could gradually shift in favor of buyers. A recovery in derivatives sentiment alongside sustained spot accumulation would strengthen the case for improved momentum in the sessions ahead.