- Spot CVD climbed to $267.4M as XRP reclaimed the $1.20 area despite perp selling.
- Binance Perp CVD fell to a record -$792.5M even as exchange spot demand improved.
- Withdrawals rose to 53.1%, repeating a setup seen near two earlier local lows.
XRP reclaimed the $1.20 area as spot buying strengthened across centralized exchanges, while Binance perpetual traders continued selling into the rebound. The move created a sharp market split, with spot demand rising and derivatives pressure deepening at the same time.
Chart data showed All CEX Estimated Spot CVD rising to $267.4 million, its highest level since mid-May. That marked a strong reversal from April 12, when the same metric stood at -$177 million.
Spot CVD Rises As Binance Perp Selling Hits Record Low
The recovery came despite Binance Perpetual CVD dropping to a record -$792.5 million. On May 12, the same measure was near -$218 million, showing how much selling pressure increased.
This divergence means XRP’s move above $1.20 was not matched by stronger Binance perp demand. Instead, spot buyers absorbed aggressive selling from perpetual markets as XRP’s price recovered from recent lows.
Source: CryptoQuant
Binance open interest also remained elevated near $251 million. That level stayed close to its highest point since mid-May, showing that leveraged positioning remained active during the rebound.
Together, the figures showed that XRP’s move above $1.20 was not led by broad derivatives optimism. Instead, spot buyers absorbed heavy Binance perp selling while open interest remained elevated.
Withdrawals Jump To 53.1% After Deposit Spike Reverses
A separate Binance transaction chart showed another notable change in behavior. Withdrawal transactions rose to 53.1%, while deposit transactions stood at 46.8%.
According to the analyst’s BankXRP X post, a similar deposit-to-withdrawal sequence appeared in June 2025 and April 2026. In both cases, deposit transactions first spiked, then withdrawals jumped soon after.
Source: X
Per the post, those two prior signals appeared near local lows rather than tops. The latest sequence followed the same order, with deposits reversing lower and withdrawals rising as XRP’s price bounced toward $1.226.
However, the post also noted that the sample size remains small. The ratio alone does not confirm market direction, and the latest reading only shows that flows changed sharply.
For now, the data points to a divided market structure. Spot demand improved, Binance perp selling deepened, and withdrawal activity rose as XRP reclaimed the $1.20 area.
Related: XRP Price: When Could XRP Realistically Reach $5? Analysts Weigh the Odds
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