XRP Market Shows Leverage Reset Amid Divergence Between Derivatives Pressure and Spot Strength

Gate News message, April 26 — XRP's market structure is displaying signs of significant repositioning, with data showing a complex divergence between derivatives and spot activity. According to market analysis, leveraged longs on major CEX perpetuals are being unwound even as spot price remains resilient. Cumulative volume delta (CVD) on perpetuals has slipped to approximately –$392.5M, indicating persistent sell pressure, while spot demand has not fully disappeared and open interest remains elevated near $1.3B with spot CVD still holding positive.

The Open Interest Z-Score has dropped to near zero, signaling a full leverage reset across the system where excess positioning has been flushed out. XRP also recorded its 6th-largest single-day exchange outflow, suggesting coins are moving into self-custody or longer-term holding, which thins out immediate sell-side liquidity. Per CoinCodex data, XRP is currently trading at $1.43.

This market setup creates an imbalance where derivatives face pressure while underlying spot strength persists—a condition that historically does not remain stable for extended periods. The combination of fading leverage, thinning available supply, and neutral positioning suggests the market may experience a sharp directional move as the current equilibrium resolves.