XRP's Derivatives Bulls Are Swimming Against a Spot-Market Tide
Published on 11/10/2026 at 13:32 | Editorial boerse-global.de
XRP changed hands at 1.09 USD on Friday, still nursing the damage from a technology-led rout that spilled into digital assets. The trigger, according to media reports, was a selloff in US tech and AI stocks — Nvidia at the front — that forced a broad unwinding of leveraged crypto bets. Roughly 1.1 billion dollars of positions were liquidated across the market, and XRP's decline was folded into that wider de-risking.
What stands out is how lopsided the pain was. Sunday's liquidation data showed nearly 39 million dollars of long positions closed out against a mere 366,000 dollars on the short side. In plain terms, the cleanup fell squarely on traders who had borrowed to bet on higher prices. Each forced closure can drag the price lower still if more leveraged longs hit their thresholds, which makes a fading liquidation wave a more meaningful sign of stabilization than a brief bounce.
ETFs Add a Second Drag
Exchange-traded products have been bleeding too. US spot XRP ETFs logged net outflows of about 10.42 million dollars, with Bitwise's fund accounting for 9.3972 million dollars of that total. The shift matters because the funds had previously gone several sessions without any net movement at all. Now outflows are stacking on top of the derivatives unwind.
CryptoQuant's Darkfost framed the tension bluntly: bullish positioning in futures sits alongside 10.4 million dollars of net redemptions from the spot ETFs. Optimism in one corner of the market, capital withdrawal in another. A recovery would look far sturdier if spot demand started to back up what derivatives traders are pricing in.
Should investors sell immediately? Or is it worth buying XRP?
Funding Rates Flash a Contrary Signal
That optimism is not hard to find. Binance's perpetual XRP futures are carrying their highest funding rates in more than a year, according to CryptoQuant data published Friday. The report reads the positioning as confident. Rising trading activity and a growing number of exchange wallets making deposits sharpen the question of whether that confidence can hold up in the spot market.
Activity has certainly picked up. A second CryptoQuant note from Amr Taha put the seven-day average daily XRP spot volume across tracked exchanges at 786 million dollars, up 53.2 percent from 513 million dollars. Whether that burst of trading translates into durable demand is the open question — it accompanies both the bullish futures stance and the ETF redemptions.
Deposits tell a similar story of heightened engagement. The combined count of net-depositing wallets on Coinbase, Bybit and one other tracked exchange reached 4,744 on Thursday, with each venue posting its highest reading since August 20.
XRP at a turning point? This analysis reveals what investors need to know now.
Whales Build a Counterweight
Against the bearish flow, large holders have been quietly accumulating. Santiment reported Thursday that wallets holding at least 1 million XRP climbed to 2,147 — a yearly high. That growing cohort of big wallets now stands opposite the selling pressure, and it gains weight for investors if those holdings survive the current weakness.
The path forward hinges on two visible pressure points easing: forced closures of leveraged longs running their course, and ETF outflows tapering off. Only then would the broader base of large wallets carry more force than the near-term selling. The risk to the bullish futures case is plain — another dip in risk appetite could undo the confidence that funding rates are currently expressing.
Ad
XRP Stock: New Analysis - 10 November
Fresh XRP information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
