- XRP’s seven-day average spot volume increased 53.2% to $786 million.
- Coinbase, Bybit, and Crypto.com recorded a combined net of 4,744 depositing wallets.
- Binance’s 30-day average XRP open interest fell to $453.6 million, its lowest since September.
XRP’s spot market is getting busier as its derivatives market contracts. The split is emerging while the token trades near $1.10, raising a key question: does higher spot turnover signal returning demand, or are leveraged traders simply retreating?
Rising Spot Turnover Fails to Lift XRP Price
CryptoQuant contributor Amr Taha reported that the seven-day average of XRP spot volume across tracked centralized exchanges climbed 53.2% between October 28 and November 9. It rose from $513 million to $786 million as XRP slipped toward $1.10. The increase shows heavier trading, but volume alone cannot establish whether buyers or sellers controlled the market. Every completed trade has both sides.
The rise was spread across Binance and other exchanges. Binance’s average spot volume increased 51.9%, from $129 million to $196 million, while volume outside the exchange advanced 53.6%, from $384 million to $590 million. Binance retained roughly 25% of the tracked total. The data therefore points to broader activity rather than a surge concentrated on one venue.
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Depositor Wallets Reveal Diverging Activity Across Exchanges
Wallet-transfer figures reveal a sharper exchange split. On November 9, Coinbase recorded 2,485 more deposits than withdrawing XRP wallets. Bybit registered a net difference of 1,370, and Crypto.com recorded 889. Together, the three exchanges reached 4,744, their highest combined reading since August 20. Binance, however, recorded a net difference of just two wallets.
The metric counts wallets, not the quantity or dollar value of XRP transferred. It cannot confirm that deposited tokens were sold, since transfers may also support collateral or other account activity. The Binance line in CryptoQuant’s cumulative whale-flow series showed net outflows easing by $356 million, from $1.045 billion to $689 million, by November 4.
That shift followed the exchange’s October 29 security breach, which Binance said affected $6.3 billion in digital assets. Binance pledged to cover the losses with company resources and its Secure Asset Fund for Users and later said 98% of affected assets had been replenished by October 31. The timing is relevant, but it does not prove the breach caused whale flows to change or explain wallet deposits.
Does Falling Open Interest Confirm a Derivatives Retreat?
The derivatives reading points to a retreat in leveraged exposure. CryptoOnchain reported that the 30-day simple moving average of Binance XRP open interest across tracked symbols fell to $453.6 million on November 8, its lowest level since September. As a 30-day average, the figure smooths daily fluctuations rather than measuring one session’s positions.
Since the indicator is dollar-denominated, part of its decline may reflect XRP’s lower price, not an equivalent fall in open contracts or trader exposure across Binance’s derivatives market.
XRP fell from about $1.25 on November 2 to $1.21 on November 5 and $1.11 on November 8. Open interest declined alongside price, a pattern consistent with traders closing leveraged positions or facing liquidations. However, the indicator cannot distinguish forced closures from voluntary exits or establish whether long or short positions drove the reduction
The combined signals describe a market with higher spot turnover but less derivatives exposure on Binance. That is not, by itself, evidence of a bullish reversal. Rising volume can accompany selling as easily as buying, while lower open interest may reduce the risk of crowded leverage. A stronger price trend, sustained net buying, and renewed open-interest growth would offer clearer evidence that demand is rebuilding.
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Related: XRP Price Prediction: Why Is XRP Falling Below $1.10 Despite Bullish Binance Funding?
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