XRP Spot Buyers Gain Strength Amid Futures Market Reset

The current consolidation phase of XRP has been ongoing since early February, with the market reaching a pivotal moment. A recent report by CryptoQuant highlights a structural split in the data that changes how we should interpret the current consolidation.

According to the analysis, XRP's spot market and futures market are currently telling contradictory stories. The spot market shows strengthening buying activity, with a significant increase in real, underlying demand over the past three weeks. In contrast, the futures market on Binance has remained bearish, with perpetual traders maintaining net short positioning.

However, the analysis argues that this appearance is misleading. The futures weakness does not reflect an absence of real demand but rather a derivatives reset, clearing excess leverage accumulated during previous rallies. Beneath this reset, spot buyers have been quietly absorbing supply throughout the period.