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XRP spot trading activity has plunged sharply in recent weeks, even as futures trading takes on a larger role. Data compiled by CryptoQuant shows that combined spot volume across centralized exchanges fell by $1.943 billion between August 26 and October 11.<\/p>\n
Binance accounted for $429 million of that decline, after its seven-day average spot volume dropped from $597 million to $168 million.<\/p>\n
Other centralized exchanges saw a much larger fall. Their combined volume fell from $2 billion to $485.8 million, a reduction of $1.514 billion. This decline was 3.53 times greater than the drop recorded on Binance. The weakness is also visible in Binance’s spot-to-futures volume ratio. The metric compares spot trading volume with futures activity. It fell from 31% on September 26 to just 12.7% on October 11.<\/p>\n
At current levels, futures volume is roughly 7.9 times spot volume. Fifteen days earlier, it was about 3.2 times higher. The ratio is currently approaching its August 16 low of 11%. At that time, XRP was trading below $0.99. The token now trades around $1.40, but the recovery hasn’t brought a similar increase in spot trading activity.<\/p>\n
CryptoQuant explained<\/a> that traders may be staying on the sidelines while waiting for lower entry prices. Interestingly, a similar pattern appeared in mid-August, when spot participation weakened relative to futures trading. XRP later staged a sharp price rebound that month.<\/p>\n A possible turning point for the crypto asset could come from Evernorth, which is set to begin trading on Nasdaq under the ticker XRPN on October 12th. The company completed<\/a> its business combination with Armada Acquisition Corp. II last week, following a fundraising round that brought in more than $1 billion through the deal and related private placements. It also has around $300 million in gross cash proceeds.<\/p>\n Evernorth said that it plans to do more than simply hold XRP. It is gearing up to invest in institutional yield strategies, on-chain credit, infrastructure, as well as other projects across the XRP ecosystem.<\/p>\n US-listed spot XRP ETFs continued<\/a> to attract money last week and stood out while much of the crypto market struggled. The funds recorded $11.31 million in net inflows, even as three of the five trading days showed no reportable activity. Inflows came on October 6, when the ETFs brought in $3.14 million. On October 8, another $8.17 million came in. The figures pushed cumulative net inflows to a fresh record of $1.8 billion.<\/p>\n Additionally, XRP ETFs have now posted positive weekly flows for 13 consecutive weeks. The streak began in mid-July, with inflows exceeding $300 million since then.<\/p>\n The post XRP’s Rally Faces a Reality Check as Spot Trading Activity Dries Up<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nETFs Keep the Green Streak Alive<\/h2>\n
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