Українська
Русский
English
A significant divergence is being observed between spot and derivatives market data for XRP: what does it mean?
Amr Taha, an analyst known for his cryptocurrency market research, shared a new assessment revealing a notable divergence between the spot and derivatives markets for $XRP. According to the analysis, data from Binance in particular indicate the formation of conflicting signals in the market structure.
According to the data provided by Taha, the CVD metric for $XRP in the spot market increased from approximately -$250 million to +$238 million between February 28 and March 31. This sharp reversal of about $488 million indicates a significant increase in buying demand in the spot market. This is considered an important signal that investors are directly accumulating the asset and that selling pressure has relatively decreased.
However, sentiment in the derivatives markets remains more cautious. Between March 25 and March 31, the cumulative volume delta (CVD) for perpetual futures contracts declined from -$1.57 billion to -$1.79 billion, representing an additional decrease of about $220 million. This pattern shows that selling pressure persists in the leveraged market and that the improvement in the spot market has not yet been fully confirmed by derivatives.
On the other hand, there has been a notable recovery in leverage usage. Open interest, after falling to around -28% on approximately March 24, showed a strong recovery of about 33 points, rising above +5% in the latest data. This indicates that leverage usage in the market is increasing again, and investors are returning to opening positions.
The liquidation map provides important insight into the current market structure. According to the analysis, most key liquidation levels are positioned above the current price. This suggests that if the price continues to rise, investors—especially those holding short positions—may face the risk of a short squeeze.
Evaluating the overall market picture for $XRP, two distinct dynamics stand out: strengthening demand in the spot market and continued caution in the derivatives market. According to analyst Taha, these divergences may support upward movement in the short term. In particular, the fact that futures CVD remains negative despite rising open interest indicates that short positions persist in the market, which could increase the likelihood of a short squeeze in the event of further price growth.
See also: "Bitcoin posted its worst first quarter since 2018"
