Ripple's Derivatives-Spot Divide Widens as Leverage Surges

XRP's market structure is shifting as a growing divide between derivatives trading and spot participation becomes more apparent.

A recent analysis by CryptoQuant found that Binance's whale-retail spread returned to early-May levels, but the broader exchange reading remained elevated at 38.4%.

This indicates a widening gap between large and smaller traders on major exchanges, with the All-CEX spread remaining significantly higher than its May low of 26%.

The relationship between whale and retail activity has also reversed, with Binance's reading now below that of the broader market.

In the derivatives market, XRP saw a surge in open interest as spot flows plummeted, increasing liquidation exposure for traders.