XRP derivatives markets added roughly $203 million in new open interest across Binance and Bybit over four days, but the positioning tells two very different stories. On May 22, open interest jumped by 79.6 million XRP ($107 million); on May 26, another 71.8 million XRP ($96 million) followed. Yet while traders poured into futures, the perpetual swap market on Binance saw its most aggressive shorting on record.
Record Shorting on Binance Perpetuals
Binance Perpetual Cumulative Volume Delta (CVD) dropped to approximately -$641.9 million, a record negative reading. That means sellers on perpetual contracts have dominated, pushing the delta deeper into negative territory than ever before. The figure signals heavy short positioning, not just a temporary blip — it's a sustained bet that XRP's price will fall.
Spot Demand Bucks the Bearish Trend
At the same time, all centralized exchange estimated spot CVD climbed to roughly $397.3 million, exceeding April levels. That's a clear sign of genuine spot buying. While perpetual traders lean short, spot buyers are accumulating XRP. The divergence is unusual: short sellers and spot buyers are placing opposing bets, and both are adding size.
Liquidations Spike on May 23
On May 23, XRP long liquidations hit approximately $5.44 million — the highest single-day figure since February 5, 2026. The spike came after a price dip that caught leveraged longs off guard. But the liquidation event didn't trigger a cascade; the market absorbed it and continued consolidating.
Price Stuck Between Key Levels
XRP trades near $1.35, below all major moving averages. Support sits at $1.30–$1.35, and resistance at $1.45–$1.50. Volume remains muted compared to the massive liquidation-driven spike in February 2026. The price is trapped: shorts are pressing, but spot buyers keep it from breaking support. Whether the shorts get squeezed or spot demand dries up first will decide the next move.
