XRP's price recovery has not translated into renewed spot trading activity. Data from CryptoQuant reveals that futures trading is dominating the market by a significant margin, even as the token's price has climbed.
Between August 26 and October 11, combined spot volume across centralized exchanges fell by $1.943 billion. Binance accounted for $429 million of that decline, with its seven-day average spot volume dropping from $597 million to $168 million. Other centralized exchanges experienced a steeper fall, with combined volume declining from $2 billion to $485.8 million—a reduction of $1.514 billion.
On Binance, the spot-to-futures volume ratio fell from 31% on September 26 to 12.7% on October 11. At current levels, futures volume is approximately 7.9 times spot volume, compared to about 3.2 times higher fifteen days earlier. The ratio is now approaching its August 16 low of 11%, when XRP traded below $0.99. The token currently trades around $1.40, but the price recovery has not brought a corresponding increase in spot trading.
CryptoQuant suggested that traders may be waiting on the sidelines for lower entry prices. A similar pattern emerged in mid-August, when spot participation weakened relative to futures trading before XRP staged a sharp rebound.
A potential catalyst for XRP could come from Evernorth, which began trading on Nasdaq under the ticker XRPN on October 12. The company completed its business combination with Armada Acquisition Corp. II, securing more than $1 billion through the deal and related private placements, along with approximately $300 million in gross cash proceeds. Evernorth stated plans to invest in institutional yield strategies, on-chain credit, infrastructure, and other projects across the XRP ecosystem.
Separately, US-listed spot XRP ETFs continued to attract inflows, recording $11.31 million in net inflows last week despite three of five trading days showing no reportable activity. Cumulative net inflows reached a fresh record of $1.8 billion, with the ETFs posting positive weekly flows for 13 consecutive weeks since mid-July.
