XRP is flashing conflicting signals as spot trading volume picks up while derivatives and spot order flow tilt toward aggressive selling. According to CryptoQuant contributor Amr Taha, the seven-day average XRP spot volume across tracked centralized exchanges climbed 53.2% between October 28 and November 9, rising from $513 million to $786 million as the token slipped toward $1.10. Coinbase, Bybit, and Crypto.com recorded a combined net of 4,744 depositing wallets, while Binance’s 30-day average XRP open interest fell to $453.6 million, its lowest level since September.
However, higher turnover has not translated into bullish price action. On-chain data shows XRP’s cumulative volume delta has deteriorated sharply since September 23. As of November 12, XRP’s perpetual CVD on Binance fell from -$109 million to about -$1.1 billion, a negative balance more than ten times its previous level. That signals traders have placed significantly more aggressive market sell orders than buy orders, either opening shorts or closing existing long positions.
The selling pressure extends to spot markets. XRP’s All CEX Estimated Spot CVD moved from -$400 million to -$2.9 billion over the same period, marking a $2.5 billion increase in the imbalance favoring sellers. With momentum weak and sellers dominating both spot and futures, XRP is at risk of losing the long-held $1 mark.
The split between rising spot turnover and falling open interest raises a key question: whether spot demand is returning or leveraged traders are simply retreating. For now, the CVD data points to more aggressive selling rather than renewed accumulation.
