XRP experienced renewed buying activity between March 23 and March 25, as spot and derivatives metrics on Binance reflected a sharp rebound. Combined spot and perpetual cumulative volume delta (CVD) rose by $315 million within two days, indicating a wave of buyer participation after a period of reduced market action.
XRP’s CVD Surge Aligns With Stable Open Interest
Perpetual CVD on Binance moved from negative $2.12 billion to negative $1.88 billion between March 23 and March 25, translating to a $240 million improvement in that segment alone. Concurrently, XRP’s spot CVD rose by $75 million—from negative $202 million to negative $127 million—helping drive the total combined CVD recovery to $315 million.
XRP is the digital asset created by Ripple and is designed for fast, low-fee cross-border transactions. Ripple Labs, the company behind XRP, works with financial institutions to enable efficient payments using blockchain technology.
During this period, open interest on Binance held consistently between $185 million and $192 million. Unlike previous market moves, the pickup in buying pressure was not accompanied by a notable rise in leverage, implying that the recovery was not fueled by overextended trading positions.
Analysts Note Preceding Market Cooldown Before Rebound
Analyst Amr Taha pointed to a prior cooling phase in the broader derivatives space before XRP’s metrics started improving. On the Multi Exchange Open Interest Delta chart, negative figures dominated from March 18 through March 22, with an average daily net reduction of $14 million. The subsequent two-day rebound in combined CVD came after this market lull, suggesting a reset prior to renewed inflows.
Market participants often interpret recovery in both spot and perpetual metrics as a sign of wider engagement, as it demonstrates synchronized action among different types of traders. With open interest stable and leverage subdued, risk profiles appeared more controlled during the turnaround.
XRP Leverage Ratio Drops To Multi-Year Low
The Estimated Leverage Ratio (ELR) for XRP on Binance slipped to 0.134 at the same time as the rebound, representing the lowest reading since 2024. At that point, XRP changed hands near $1.41. Analyst Arab Chain observed this ELR reflects a marked shift in trading structure within the derivatives markets.
During 2025, ELR values surpassed 0.50 at times, especially during high-volatility phases. However, since early 2026, the ratio has trended lower, signifying a progressive reduction in the use of leverage across the platform. This ongoing deleveraging trend is thought to mitigate the risk of large-scale liquidations that typically drive abrupt price swings and volatility.
The lower leverage profile also corresponded with a decline in XRP’s price from earlier highs in previous months, seen as part of a broad market rebalancing phase. Such periods, in the past, have often occurred before the start of more sustained price changes, as excess leverage is cleared out of the market.
