XRP CVD Shifts Toward Selling in Binance Perpetual Futures and Spot Estimates

XRP market measures moved toward selling from Sept. 23 through Nov. 12, while Binance liquidation and open-interest figures were consistent with leveraged long positions being unwound.

Binance XRP perpetual-futures cumulative volume delta (CVD), which tracks the difference between market-buy and market-sell volume, shifted $991 million toward net taker selling, from -$109 million to about -$1.1 billion. Estimated spot CVD across centralized exchanges moved $2.5 billion in the same direction, from -$400 million to -$2.9 billion.

A negative, decreasing CVD indicates taker selling dominated the activity tracked by the measure. Futures CVD does not show whether traders opened short positions or closed existing longs, and it does not indicate that tokens left exchanges.

XRP’s reported Nov. 11 close was $1.05, down 19.4% over seven days and 21.7% over 30 days. Binance long liquidations averaged $5.50 million over the seven days before the Nov. 12 analysis. The Nov. 11 reading was $1.54 million, in the 95th percentile. Binance XRP open interest stood at $368.31 million, down 9.2% from 30 days earlier.

Together, the liquidation and open-interest figures are consistent with leveraged longs being unwound. The measures do not identify what first prompted the selling or establish that all XRP holders were selling.