XRP revisited the $1.50 area on August 22, but its Binance Spot-to-Futures Volume Ratio remained unusually low, ending August 29 at 15%, only four percentage points above the August 16 low of 11%.

The indicator compares XRP spot trading volume with futures volume on Binance.

A lower reading means futures turnover is larger relative to spot activity.

At a 15% ratio, futures volume is roughly 6.7 times spot volume, although the metric alone does not indicate whether the positioning is bullish or bearish.

The clearest divergence appears against May.

On May 14, XRP traded near $1.45 while the ratio reached 41.9%.

XRP recently returned to a slightly higher price area near $1.50, yet the latest ratio is about 64% lower.

In other words, XRP has revisited a comparable price zone under a substantially different spot-versus-futures trading mix.

The historical contrast is also notable.

The May ratio spike to 41.9% was followed by an XRP drawdown of roughly 35%.

A similar reading appeared on January 19, when the ratio reached around 39% with XRP near $2, before a subsequent decline of about 50%.

What stands out today is precisely the difference: previous visits to elevated XRP price levels coincided with Binance spot-to-futures ratios near 40%, whereas the current reading remains close to its recent low at just 15%.

The data therefore point to a markedly different Binance trading structure from the January and May episodes — a similar price area, but with the spot-to-futures ratio roughly 64% below its May level.

Written by Amr Taha