XRP Binance Volume Rebound $315M as Leverage Hits Multi-Year Lows

Ripple’s XRP saw renewed buying activity on Binance from March 23 to March 25. On the exchange, combined spot and perpetual cumulative volume delta (CVD) rebounded by $315 million over two days, signalling fresh buyer participation after a quieter stretch. The improvement came alongside stable open interest. Perpetual CVD moved from -$2.12B to -$1.88B (a +$240M shift), while spot CVD rose from -$202M to -$127M (+$75M). Traders noted that this rebound was not accompanied by a meaningful leverage build-up, suggesting the move may be driven more by spot/real demand than by overextended derivatives positioning. Analyst Amr Taha pointed to a short derivatives cooldown before the turnaround. From March 18–22, negative net open-interest delta dominated, with an average daily reduction of $14M. The subsequent CVD recovery over the next two days followed that lull, implying a “reset” before renewed inflows. At the same time, XRP’s Estimated Leverage Ratio (ELR) on Binance dropped to 0.134, the lowest reading since 2024. XRP traded around $1.41 when the ELR trough appeared. Analyst Arab Chain said the lower ELR reflects reduced leverage use in derivatives—often associated with fewer liquidation-driven spikes. Historically, deleveraging phases can precede more sustained price developments once excess leverage clears. Overall, the combination of $315M XRP CVD recovery, steady open interest, and a multi-year low in leverage suggests a more controlled risk environment for traders, with potential support for a continued recovery if inflows persist.