XRP is showing a sharp split between spot demand and derivatives pressure, with the price reclaiming the $1.20 level while Binance perpetual selling reaches a new record low.

According to the latest chart data,

All CEX Estimated Spot CVD rose to $267.4 million, marking its highest level since mid-May.

This is a major shift from April 12, when the same metric stood at -$177 million.

The move suggests that spot buyers across exchanges have returned aggressively, helping XRP recover above the $1.20 area.

However, the derivatives side is telling a very different story.

Binance Perpetual CVD dropped to a new record low of -$792.5 million, compared with around -$218 million on May 12.

This means Binance perpetual traders have been selling heavily even as XRP’s spot market has strengthened.

The key signal is the divergence: spot demand is rising while Binance perpetual selling pressure is accelerating.

In other words, XRP’s move above $1.20 is not being driven by broad derivatives optimism.

Instead, the price recovery is happening despite aggressive selling in Binance perps.

At the same time, Binance open interest remains elevated at about $251 million, still close to its highest levels since mid-May.

This shows that leverage has not been fully flushed out of the market. With open interest still high, the current setup could become more volatile if price continues to hold above $1.20.

If spot buyers continue absorbing the negative Binance perp flow, XRP could put pressure on short positions. But if spot demand weakens, the elevated open interest and heavy perpetual selling may turn into renewed downside pressure.

Written by Amr Taha