XRP has continued to rise while short-selling activity has increased across cryptocurrency exchanges, creating a divergence between price movement and bearish positioning in derivative markets.
Between September 16 and 27, the Spot Cumulative Volume Delta expanded by $430 million, growing from -$2.27 billion to -$2.70 billion, indicating significant short-selling volume. On Binance, exchange volume shifted from -$1.0 billion to -$1.2 billion during the same period. Despite this selling pressure, XRP gained approximately 5% in value.
Spot Accumulation Supports Price
Spot market investors have played a key role in maintaining price stability. Data shows that investors have been moving XRP out of exchanges into private wallets, a pattern typically associated with long-term holding. In the past 24 hours, spot netflow reached -$17.11 million, with seven-day outflows totaling -$60.33 million. This continued accumulation in the spot market helps absorb selling pressure from perpetual markets.
Positive Funding Rates Favor Longs
The Funding Rate, which measures the cost of holding leveraged positions, has remained positive from September 16 through the time of reporting. The rate increased from 0.0062 to 0.0081 during this period, indicating that the majority of perpetual market capital is positioned for upward price movement.
XRP's bullish outlook depends on continued spot accumulation and a positive funding rate that does not overheat, according to market analysis.
