XRP Spot Buying Surges as Futures Market Turns Bearish

XRP's spot market is experiencing a surge in buying activity, reaching its highest level since early June. According to CryptoQuant analyst Amr Taha, the All CEX Estimated Spot Cumulative Volume Delta (CVD) climbed to about $388.6 million on July 23.

This metric tracks net aggressive buying and selling across centralized spot exchanges, indicating stronger buying pressure from spot traders. Meanwhile, Binance's perpetual futures market shows a different story, with the Binance Perpetual CVD falling to roughly -$547.4 million on July 23.

Rising open interest has also been observed in the futures market, increasing from $198 million on July 8 to $215.7 million on July 23, representing a gain of nearly 9%. This suggests new leveraged short positions are entering the market, rather than simply closing existing long positions.