Despite XRP's price rising above the $1.46 level, a cautious outlook has emerged in the futures market. According to analytics firm CryptoQuant, open interest on Binance alone climbed from 207 million on April 30 to 232 million by May 11, indicating renewed leveraged positions. However, the capital flow behind the rally did not appear strong. Notably, Binance Perpetual Cumulative Volume Delta (CVD) dropped to around -$434 million, meaning perpetual futures traders were largely taking short positions or adopting a defensive stance while the price rose.
Similarly, estimated spot CVD across all centralized exchanges fell to approximately $575 million, signaling that the uptick was not driven by widespread accumulation or strong spot demand. The analysis described the current structure as a "derivatives market stress test" rather than a classic bullish breakout. Across major exchanges, new open interest additions reached $18 million on Binance, $10.4 million on OKX, and $8.5 million on Bybit, totaling roughly $36.9 million. CryptoQuant emphasized that a renewed upward trend in spot CVD would be essential to confirm a sustainable uptrend.
Meanwhile, XRP price consolidated below the $1.49 resistance, with traders weighing fading bullish momentum against improving institutional developments. Ripple’s $200 million prime brokerage facility has bolstered confidence in institutional liquidity and expansion. Open interest stabilized near $3.01 billion as leverage declined, but price action slowed after an aggressive rally from late April. The token maintained a bullish structure above key moving averages, though momentum faded.
