XRP's Rebound Hinges on Spot Buyers and ETF Demand

XRP's late-June washout removed excess leverage that could have turned another sharp move into a liquidation cycle, according to recent market data. This has created a new challenge for XRP: it now needs ETF and spot buyers to carry the market without rebuilding the same crowded futures trade.

The rebound is now a test of real demand, as XRP has moved away from the pressure zone that defined the late-June washout when prior CryptoSlate coverage showed the token falling to $1.02, long liquidations accelerating, futures activity shrinking, and realized losses hitting the weakest reading since 2022.

CryptoSlate's XRP market data shows the token trading near $1.08, up about 2.7% over seven days, with a market value of about $67 billion. Coinglass data shows roughly $402 million in 24-hour spot volume against about $2.25 billion in futures volume, with open interest around $2.35 billion and about $8.3 million in liquidations over the prior day.

While those numbers show XRP's setup has improved, they still don't answer the main question about demand. Futures look much more balanced than they did during the washout, although derivatives still dominate XRP's visible turnover. ETF demand has been steady in recent flow windows, but its scale remains too small to settle the question on its own.