XRP Spot Volume Rises 53% as Binance’s 30-Day Open Interest Average Hits a Sept. Low

XRP (XRP) spot volume rose 53.2% across tracked exchanges from Oct. 28 to Nov. 9 as Binance’s 30-day simple moving average of XRP open interest reached its lowest level since September, showing different trends in spot and derivatives activity.

The seven-day average climbed from $513 million to $786 million. Binance’s average rose 51.9%, from $129 million to $196 million, while volume on other tracked exchanges increased 53.6%, from $384 million to $590 million. Binance made up about 25% of the tracked total on Nov. 9. The increase compares seven-day averages, not the total volume of individual days.

These figures describe trading activity, not its direction. They do not show whether the added spot trading came from buyers or sellers, or whether it reflected net inflows into XRP.

Binance’s 30-day simple moving average of XRP open interest across all its symbols was $453.6 million on Nov. 8, its lowest since September. The measure smooths daily changes and responds more slowly than a single-session reading. XRP’s price fell from about $1.25 on Nov. 2 to $1.21 on Nov. 5 and $1.11 on Nov. 8. Because open interest is measured in dollars, the falling XRP price may have contributed to the decline. The figure alone does not show that traders reduced the number or size of their positions.

Separate wallet data showed more depositing than withdrawing wallets on Coinbase, Bybit and Crypto.com on Nov. 9. The net differences were 2,485 on Coinbase, 1,370 on Bybit and 889 on Crypto.com, for 4,744 combined. Each of those three readings was its highest since Aug. 20. Binance’s net difference was two. Wallet counts do not measure the amount of XRP transferred or establish that deposited tokens were sold.

The volume comparison uses seven-day averages at dates 12 days apart, while the Binance open-interest figure is a 30-day average ending Nov. 8. The readings cover different measures and periods, so they do not show that higher spot volume caused the open-interest decline.

CryptoOnchain said, “A falling open interest alongside a falling price usually points to leveraged positions closing, not fresh capital entering derivatives.” The figures do not identify whether long or short positions drove the change, or whether positions closed voluntarily or through liquidations.