TLDR:
- XRP’s combined spot and perpetual CVD on Binance recovered by $315M between March 23 and March 25.
- Binance open interest held between $185M and $192M, showing buying returned without added leverage pressure.
- XRP’s Estimated Leverage Ratio dropped to 0.134 on Binance, marking the lowest reading recorded since 2024.
- Multi-exchange OI delta averaged -$14M daily from March 18–22, preceding the two-day CVD rebound on Binance.
XRP is showing renewed buying activity on Binance, with key derivatives and spot metrics improving over a two-day window.
Between March 23 and March 25, combined spot and perpetual cumulative volume delta recovered by $315 million.
At the same time, the estimated leverage ratio dropped to its lowest point since 2024. These developments suggest a shift in market structure that traders are closely watching.
Binance CVD Recovers Across Spot and Perpetual Markets
XRP’s perpetual CVD on Binance moved from -$2.12 billion to -$1.88 billion between March 23 and March 25. That represents a net improvement of roughly $240 million within just two days. Alongside this, spot CVD climbed from -$202 million to -$127 million over the same period.
The spot CVD improvement added another $75 million to the overall recovery. Together, these two figures account for the $315 million combined rebound seen across both markets. This kind of recovery across both segments tends to reflect broader participation from buyers.
What adds weight to this move is how open interest behaved during the same window. Binance open interest stayed within a narrow band of $185 million to $192 million throughout this period. That range shows buying pressure picked up without a notable rise in leverage.
As analyst Amr Taha noted, the broader derivatives market had already gone through a cooling phase before this rebound appeared.
On the Multi Exchange Open Interest Delta chart, negative readings dominated from March 18 to March 22, averaging around -$14 million daily. The CVD recovery therefore followed a multi-day period of reduced activity.
XRP Leverage Ratio Drops to Levels Not Seen Since 2024
The Estimated Leverage Ratio for XRP on Binance recently fell to approximately 0.134, coinciding with XRP trading near $1.41.
According to analyst Arab Chain, this marks the lowest reading since 2024. It reflects a clear change in how traders are positioning themselves in the derivatives market.
Source: Cryptoquant
During 2025, the ELR climbed above 0.50 at several points, which aligned with periods of heightened price swings.
Starting in early 2026, the ratio began a steady decline before reaching its current level. The drop points to an ongoing deleveraging phase across the market.
Lower leverage generally reduces the risk of large-scale liquidations. Liquidation events often cause sudden price swings and short-term volatility. A reduction in open leverage therefore tends to stabilize price action over time.
The decline in leverage also appears to coincide with a price drop from higher levels seen in recent months. This pattern often reflects a rebalancing phase, where over-leveraged positions are unwound. Historically, such phases have preceded stronger and more sustained price movements.
The post XRP Sees $315M CVD Recovery on Binance as Leverage Ratio Hits Lowest Since 2024 appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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