Wall Street is buying XRP while Binance traders keep betting against it

A notable development has hit the crypto markets. XRP is rising into a market split between traditional finance infrastructure and crypto-native skepticism. According to 's data, the token recently traded above $1. 46 as spot-market indicators improved, exchange-traded funds drew their strongest daily inflows in more than four months, and Ripple expanded the credit capacity behind its institutional prime brokerage business.

However, this came at a time when derivatives traders continue to lean against the move, with Binance futures data showing persistent selling pressure even as leverage rebuilds across major exchanges. That tension has turned XRP into a test case for whether institutional access, ledger utility, and market infrastructure can overpower a futures market still positioned for weakness. Spot demand meets futures resistance The divide between spot demand and derivatives positioning has become the clearest feature of XRP’s market structure.

Market Dynamics

US spot XRP ETFs recorded $25. 8 million in net inflows on May 11, their largest daily intake since early January, SoSoValue data show. This extends the four funds' positive performance this month, attracting more than $60 million in inflows.

XRP-focused funds have registered total inflows of over $1. 35 billion since their launch last year. XRP ETFs Daily Flows Since May 1 (Source: SoSoValue) Those inflows give XRP a regulated channel at a time when exchange-based positioning remains conflicted.

ETFs allow investors to gain exposure through brokerage accounts and adviser platforms without managing direct custody or trading on crypto exchanges. That opens the asset to a wider pool of allocators than the offshore derivatives venues that have historically shaped much of XRP’s short-term price action. However, the mood in the derivatives market is different.

Market Impact

CryptoQuant data show that the Binance perpetual cumulative volume delta has fallen to about -$434 million, even as XRP has pushed higher. Open interest on Binance has climbed from about 207 million XRP on April 30 to nearly 232 million, showing leverage is returning after the latest reset. XRPL Taker-Buy Ratio on Binance (Source: CryptoQuant) The increase is not limited to Binance.

On May 11, open interest rose by about $18 million on Binance, $10. 4 million on OKX, and $8. 5 million on Bybit, adding almost $36.

9 million across the three exchanges. Ordinarily, rising open interest can confirm a stronger trend when spot demand is also expanding. However, XRP’s setup is more complicated.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.