XRP Selling Pressure Reaches $2.5 Billion as Binance Futures CVD Falls by $991 Million
XRP has experienced sustained selling pressure across both spot and derivatives markets, with estimated spot Cumulative Volume Delta (CVD) deteriorating by $2.5 billion and Binance perpetual futures CVD falling by another $991 million between September 23 and November 12. The figures come from CryptoQuant analyst Amr Taha, whose analysis shows market sell orders substantially exceeding market buys across major trading platforms.
The data points to a broad imbalance in XRP trading activity as the token's price moved lower from above $1.60 in late September to approximately $1.05 on November 12. Although the analysis identified signs that buyers may have absorbed some selling, it did not establish that a bullish reversal was underway.
Binance XRP Futures CVD Records a $991 Million Decline
According to Taha's analysis, Binance's XRP perpetual futures CVD moved from negative $109 million on September 23 to approximately negative $1.1 billion by November 12. The change represented a $991 million deterioration, expanding the negative reading by approximately 10.1 times.
CVD tracks the difference between aggressive market buying and selling. A growing negative reading indicates that market sell orders have outweighed market buy orders over the measured period. This activity can reflect traders opening short positions or closing existing long positions, although the metric alone does not identify the specific strategy behind each trade.
Similar pressure appeared on Bybit. XRP perpetual futures CVD on the exchange declined from negative $4.6 million to negative $29 million, adding another $24.4 million to the negative imbalance. The negative reading increased approximately 6.3 times, indicating that the selling pattern was not limited to Binance.
XRP Spot Market Shows a $2.5 Billion Selling Imbalance
The spot market recorded an even larger deterioration in cumulative trading activity. Estimated XRP spot CVD across centralized exchanges moved from negative $400 million to approximately negative $2.9 billion, a change of $2.5 billion.
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| Source: CryptoQuant |
This represented a 7.25-fold expansion in the negative reading and indicated that aggressive market selling substantially exceeded market buying across spot platforms. Unlike futures activity, spot trading involves direct cryptocurrency transactions rather than leveraged derivatives contracts.
CryptoQuant's chart also showed XRP declining from above $1.60 in late September toward $1.05 by November 12. Several temporary recoveries occurred during October, but the broader price trend remained downward as negative CVD readings expanded.
Possible Buying Absorption Does Not Confirm an XRP Reversal
Taha also highlighted a divergence between persistent aggressive selling and the pace of XRP's price decline. This pattern may indicate that passive buyers were absorbing some of the sell orders through resting buy orders in the market.
When sufficient buying liquidity is available at prevailing prices, it can help limit immediate downside movement even as aggressive sellers remain active. However, evidence of selling absorption does not necessarily mean that demand is strong enough to produce a sustained recovery.
The CryptoQuant analysis therefore presents a mixed picture: XRP continues to face substantial selling imbalances across spot and derivatives markets, while potential buying absorption may be providing some support. The available CVD figures do not confirm a bullish reversal or establish when selling pressure might ease.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.