What to Know
- CryptoQuant analyst Amr Taha revealed that Binance XRP perpetual futures CVD deteriorated by $991 million, reflecting sustained aggressive selling.
- XRP spot markets recorded a $2.5 billion selling imbalance increase, while Bybit futures CVD declined by another $24.4 million.
- XRP’s price declined toward $1.05, while potential buying absorption offered limited support without confirming a sustained bullish market reversal.
CryptoQuant analyst Amr Taha has revealed mounting selling pressure on XRP, with spot markets recording a $2.5 billion deterioration in cumulative trading activity. According to Taha’s latest analysis, Binance perpetual futures also registered a $991 million decline in Cumulative Volume Delta (CVD), reflecting sustained aggressive selling across major cryptocurrency exchanges.
Binance XRP Futures CVD Drops Another $991 Million
Binance’s XRP perpetual Cumulative Volume Delta (CVD) declined from negative $109 million to approximately negative $1.1 billion between September 23 and November 12. This represented a $991 million deterioration in net aggressive trading activity, with the negative reading expanding approximately 10.1 times.
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The decline indicates that market sell orders substantially exceeded market buy orders throughout the observation period. Such activity may reflect traders opening short positions or closing existing long positions amid weakening market conditions.
Meanwhile, Bybit recorded similar selling behavior, although its cumulative figures remained considerably smaller than Binance’s. XRP perpetual CVD on Bybit declined from negative $4.6 million to negative $29 million, representing an additional $24.4 million imbalance. This increased Bybit’s negative CVD reading approximately 6.3 times, reinforcing evidence of selling pressure across multiple derivatives platforms.
XRP Spot Selling Reaches $2.9 Billion as Price Approaches $1.05
Beyond futures trading, XRP’s spot market recorded the largest deterioration in cumulative buying and selling activity. Estimated spot CVD across centralized exchanges dropped from negative $400 million to approximately negative $2.9 billion. The $2.5 billion change represented a 7.25-fold expansion in the negative reading, indicating substantial aggressive selling across spot exchanges.
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Significantly, the figures show that XRP’s selling pressure extended beyond leveraged derivatives positions into direct cryptocurrency trading. Spot participants executed substantially more market sell orders than market buy orders during the period.
Source: CryptoQuant
CryptoQuant’s chart also shows XRP declining from above $1.60 in late September toward $1.05 by November 12. Despite several temporary recoveries during October, the broader price movement remained downward as cumulative selling imbalances expanded.
Taha also identified a divergence between persistent aggressive selling and the pace of XRP’s price declines. This pattern suggests that passive buyers may have absorbed some selling pressure through resting buy orders.
Such activity can limit immediate price declines when market sellers encounter sufficient buying liquidity at prevailing levels. Nevertheless, the analyst cautioned that possible selling absorption does not confirm a bullish reversal.
Conclusion
XRP’s $2.5 billion spot selling imbalance and Binance’s additional $991 million negative futures CVD shift demonstrate sustained selling pressure. Although potential buying absorption offers some evidence of market support, CryptoQuant’s findings do not establish a confirmed price recovery.
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