XRP spot demand hits June highs near $1.12 as derivatives stay cautious

Spot buyers are accumulating XRP at the fastest pace since June, even as derivatives traders keep positions lean near the $1.12 resistance level.

XRP rose to $1.12 on July 25, with spot trading volumes on centralized exchanges hitting levels last seen in early June 2026, while derivatives open interest remained flat.

Data from CoinGecko shows XRP spot trading volumes on centralized exchanges climbed to levels last seen in early June, while Coinglass data indicates open interest across derivatives platforms stayed largely unchanged over the same period. Funding rates on perpetual swaps hovered near neutral territory, suggesting leveraged traders are not betting on a breakout.

The divergence between spot and derivatives markets points to two distinct investor groups taking opposing views. Spot buyers have been accumulating XRP through direct exchange purchases, while futures and perpetual swap traders have kept positions lean. The seven XRP US spot ETFs have absorbed $1.4 billion in cumulative net inflows since their launch, according to The Block data.

The $1.12 level represents a key resistance zone for XRP. A sustained break above it, backed by continued spot demand, could open the path toward the $1.30 area. However, if derivatives positioning remains cautious, the rally may lack the momentum needed to hold those gains. XRP's next major test will be whether spot buyers can absorb selling pressure from profit-takers at these levels.

The XRP Ledger has been expanding its utility beyond payments. The chain's tradeable tokenized assets reached about $323 million in value as of July 21, up from $130 million a year ago, according to DeFiLlama. In May, the chain settled the first cross-border tokenized US Treasury redemption in less than five seconds, demonstrating the network's potential for institutional use cases.

Bitcoin dominance, currently around 59%, has been a headwind for altcoin rallies. When BTC dominance rises, capital tends to stay in Bitcoin rather than rotate into smaller tokens. XRP's ability to rally despite this macro backdrop shows the strength of its current spot demand.

The spot-derivatives divergence is not inherently bearish. In past cycles, sustained spot accumulation has preceded larger moves higher, as buyers absorb available supply. The risk is that without derivatives confirmation — typically signaled by rising open interest and positive funding rates — the rally may be more vulnerable to sudden reversals.

This article is for informational purposes only and does not constitute investment advice.