XRP Market Driven by Spot Demand Rather than Futures Speculation

The current state of the XRP market suggests that it is being driven by genuine spot demand rather than speculative futures trading.

A recent analysis by CryptoQuant revealed that the spot Convex Volume Delta (CVD) for XRP has been consistently high, reaching a peak of around $520.2 million in recent times.

This indicates that buyers are actively participating in the market and driving up demand for XRP. However, the Perpetual CVD, which measures the sentiment of leveraged traders on Binance, remains negative at approximately -$261 million.