XRP spot trading activity has declined sharply across centralized exchanges, while futures trading has gained relative prominence on Binance.

The 7-day average Spot Exchange Volume measures the average daily XRP spot trading volume over the previous seven days, smoothing short-term fluctuations to highlight broader trends in traders' activity.

The chart compares Binance with all other centralized exchanges combined.

Between August 26 and October 11, Binance spot volume fell from 597 million to 168 million, a decline of 429 million.

Across other exchanges, volume dropped from 2 billion to 485.8 million, a reduction of 1.514 billion.

Combined spot volume declined from 2.597 billion to 653.8 million, representing a total reduction of 1.943 billion.

In absolute terms, the decline outside Binance was 3.53 times larger.

Meanwhile, the Binance Spot-to-Futures Volume Ratio, which measures spot trading volume relative to futures volume, fell from 31% on September 26 to 12.7% on October 11.

This means futures trading volume now exceeds spot volume by approximately 7.9 times, compared with 3.2 times just 15 days earlier.

The current ratio is approaching its August 16 low of 11%, when XRP traded below $0.99. XRP is now trading near $1.40.

Together, these readings suggest that XRP’s recent price recovery has failed to revive spot traders’ interest, with participants potentially staying on the sidelines while waiting for lower entry prices.

A similar weakness in spot participation relative to futures was observed in mid-August, before XRP staged a sharp price rebound later that month.

Written by Amr Taha