XRP Spot Trading Cools While Leverage Climbs

Activity for XRP is shifting across major global exchanges. Trading volume on South Korea's Upbit has fallen for four consecutive weeks, dropping by half since late June. This cooling trend is echoed on Binance, where spot deposits and withdrawals have nearly stopped, suggesting that retail interest has slowed down significantly.

Despite the quiet spot market, derivatives trading shows a different trend. Open interest for XRP on Binance is up nearly 6 percent, pushing leverage ratios to their highest levels in weeks. Funding rates remain neutral, indicating that traders are building positions carefully rather than betting aggressively on a sudden price move.

On chain data adds to the cautious outlook, with lower transaction counts and fewer active addresses. While the price of XRP has managed small gains recently, the lack of strong spot buying is a concern for market stability. Traders should watch for a return in spot demand, as the current rally relies heavily on derivatives instead of actual asset accumulation.