XRP spot CVD negative breadth expands 7.25x, September 23–November 12

XRP spot cumulative volume delta (CVD) across centralized exchanges turned increasingly negative between September 23 and November 12, with the negative spread widening 7.25x, according to CryptoQuant analysis published on the 12th. Binance futures CVD negative breadth expanded 10.1x and Bybit futures CVD roughly 6.3x over the same period, indicating aggressive market-sell executions outpaced market buys in each market despite differing aggregation scopes. CVD measures the cumulative gap between taker buy and taker sell volume, so a deepening negative reading signals sellers were more aggressive in hitting bids. The divergence matters because sustained taker selling pressure across both spot and derivatives venues can signal distribution and weigh on XRP's price discovery. Traders will watch whether the negative CVD trend persists or reverses, and whether spot and futures flows begin to converge as a sign of renewed buyer aggression.