A recent CryptoQuant report has shed light on a significant divergence in the XRP market. According to the analysis, spot buyers have been continuously increasing their demand for XRP, while futures traders have remained net short throughout this period.
However, the report argues that the futures weakness does not reflect an absence of real demand, but rather a derivatives reset, or clearing of leveraged long excess accumulated during previous rallies. This process is necessary to create a more stable price structure and set the stage for a potential bullish move.