According to Binance data, the 30-day Z-Score tracking the imbalance between XRP’s perpetual futures and spot volumes currently stands at 0.17. This level indicates that activity in the derivatives market remains within historically normal ranges.
State of XRP derivatives market
This particular measure gauges the difference between XRP’s perpetual futures trading volume and spot trading volume on Binance. The latest figures show a volume difference around 0.51, with the 30-day Z-Score at 0.17, signaling that the current market imbalance is not at an unusual level when compared to the past month.
For reference, the Z-Score is a statistical metric that shows how far a given value deviates from its historical average. Values close to zero typically reflect stable market behavior, while high positive or negative values point to significant deviations.
The data shows that perpetual futures markets remain more prominent than spot markets for XRP trades, but not to an extreme degree. In April and May, sharp price increases led to notable rises in perpetual futures volume, occasionally widening the gap with spot volumes.
The 30-day Z-Score’s position at 0.17 suggests that there has been no excessive leverage buildup in the XRP derivatives market, with investors managing positions with more caution.
As prices have retreated recently, speculative interest appears to have waned, pulling the indicator back to more balanced levels. Data does not point to the kind of aggressive leverage loading often seen ahead of sharp moves. At the same time, there is no sign of a broad exit from the derivatives market.
Market sell-off and price pressures
XRP dropped by more than 4.4% over the last 24 hours, falling to around $1.02. While earlier in the day XRP traded near $1.049, current fluctuations have settled the token into the $1.02 to $1.05 range. This decline coincided with a broad wave of selling across cryptocurrencies triggered by weakness in technology stocks.
During this period, total market liquidations surpassed $1 billion. However, Binance’s XRP derivative data did not signal a new or excessive wave of speculative positions accompanying the price drop.
| Indicator | Latest data |
| XRP price | Around $1.02 |
| 24-hour change | More than 4.4% drop |
| 30-day Z-Score | 0.17 |
| Market liquidations | Over $1 billion |
RLUSD and ETF inflows
Ripple’s RLUSD stablecoin was recently listed for trading by SBI VC Trade in Japan, making it the first Japanese exchange to offer the asset. Ripple is a US-based tech company widely known for its cross-border payment solutions and digital asset platforms.
X Finance Bull stated that the Japan listing continues to open new regulatory doors for the Ripple ecosystem, emphasizing that RLUSD was rolled out fully compliant and with zero fees.
The article notes that RLUSD has surpassed Ethereum in circulating supply. Meanwhile, spot XRP ETFs saw net inflows of $31.32 million in June, a significant drop from May’s record of $132 million.
Despite this decrease, spot XRP ETF products have attracted over $1.43 billion in total inflows since launching in November 2025. This figure suggests that, although there has been some recent weakness in price, institutional interest in XRP remains resilient.
