XRP derivatives positioning has shifted sharply since the start of August, with leverage rebuilding even as both perpetual and spot order flow moved deeper into seller-dominated territory.

Binance’s 7-day Open Interest change rose from roughly -13% on August 1 to +7.4% on August 11, representing a swing of more than 20 percentage points.

Over the same period, Binance Perpetual CVD declined from approximately -$251 million to -$349.5 million, a deterioration of nearly $100 million.

Selling pressure was also visible beyond derivatives.

All-CEX Estimated Spot CVD fell from around +$193 million to -$34.3 million, marking a net deterioration of roughly $227 million since the beginning of August.

The combination is notable: leverage is expanding while aggressive selling remains dominant across both derivatives and spot markets. This suggests XRP is entering a major U.S. macro-data window with increasingly defensive positioning and a larger concentration of leveraged exposure.

With CPI and PPI releases approaching, this structure could make XRP particularly sensitive to any shift in market expectations.

Written by Amr Taha