XRP's spot market is flashing warning signs even as the token's price hovers near $1.40. According to data from CryptoQuant, combined spot volume across centralized exchanges fell by $1.943 billion between August 26 and October 11, with Binance's seven-day average spot volume dropping from $597 million to $168 million. Other centralized exchanges saw an even steeper decline, from $2 billion to $485.8 million.
The widening divergence between spot and futures activity is also clear in Binance's spot-to-futures volume ratio. It fell from 31% on September 26 to just 12.7% on October 11, meaning futures volume is now roughly 7.9 times spot volume. CryptoQuant noted that traders may be staying on the sidelines while waiting for lower entry prices, and that a similar pattern appeared in mid-August before XRP staged a sharp rebound.
Adding to the mixed picture, more than $40 million in XRP longs were liquidated, while futures positions rebuild. At the same time, US-listed spot XRP ETFs recorded $11.31 million in net inflows last week, pushing cumulative net inflows to a fresh record of $1.8 billion. The funds have now posted positive weekly flows for 13 consecutive weeks.
A potential catalyst may come from Evernorth, which is set to begin trading on Nasdaq under the ticker XRPN on October 12. Evernorth completed its business combination with Armada Acquisition Corp. II and raised more than $1 billion through the deal and related private placements, with around $300 million in gross cash proceeds. The company plans to invest in institutional yield strategies, on-chain credit, infrastructure, and other projects across the XRP ecosystem.
