Ripple's XRP token has drawn consistent investor interest through spot ETFs, with six consecutive months of positive net inflows. Yet contrasting signals from futures markets and on-chain activity are complicating the picture for traders.
ETF Demand Remains Steady
XRP ETFs have recorded net inflows every month for the past six months, according to data from SoSoValue. August saw the largest monthly inflow at $159.18 million, followed by $117.44 million in September through mid-month. These inflows have brought total net assets in XRP ETFs to $1.77 billion.
Futures Market Shows Weakness
While ETF investors remain bullish, futures traders present a different picture. CryptoQuant's 90-day taker cumulative volume delta (CVD) has shown sell-dominance, with the metric turning negative in early September. Funding rates, which indicate long or short positioning, also fell sharply to as low as -0.018 in mid-September, suggesting increased short positioning despite most traders maintaining long bets.
On-Chain Activity Climbs, but Supply Rises
Active addresses on the XRP ledger reached 29.9 thousand, the highest level in six months, according to CryptoQuant data. However, XRP reserves on Binance have also been climbing, now totaling 2.695 billion XRP. Higher exchange reserves typically indicate more supply available for sale.
Key Metrics to Monitor
Analysts point to three factors that could signal XRP's next move: whether ETF inflows remain positive in coming months, whether futures CVD returns to buy-dominance, and whether rising exchange reserves continue to accumulate or stabilize.
