XRP Spot Demand Hits Eight-Week High Amid Price Decline

XRP's spot market demand has reached an eight-week high of $388.6 million on July 23, according to recent market data.

This surge in buying activity across centralized exchanges suggests that investors are still accumulating XRP despite the token's price decline from its recent high of $1.16.

The spot and derivatives markets are also showing a growing gap, with spot buyers becoming more active while perpetual futures traders favor selling.

Data from CryptoQuant shows that Binance Perpetual CVD remains deeply negative at around -$547.4 million, indicating that traders are opening new leveraged short positions instead of closing existing long positions.

XRP open interest on Binance increased by nearly 9% from $198 million on July 8 to about $215.7 million on July 23.