XRP Spot Buying Surges as Binance Futures Traders Pile on Bearish Exposure

The XRP spot market is seeing its strongest buying activity since early June, while the futures market on Binance continues to trend bearish. According to CryptoQuant analyst Amr Taha, the All CEX Estimated Spot Cumulative Volume Delta (CVD) for XRP reached $388.6 million on July 23, its highest level since June 1.

This metric measures net aggressive buying and selling across centralized spot exchanges, indicating that investors are becoming more active in buying XRP directly despite mixed sentiment in the derivatives market.

Meanwhile, Binance's perpetual futures market shows a vastly different story. The Binance Perpetual CVD fell to roughly -$547.4 million on July 23, highlighting a major increase in bearish positioning among leveraged traders.