Something quietly changed in the $XRP ‌ market and most people are looking at the wrong thing.

Futures activity has cooled down quickly, but spot demand is holding up much better.

Over the past few months, the balance between the two stayed fairly normal, and price traded steadily between the $1.35 and $1.60 range.

Now that picture looks different.

The gap has turned sharply negative as prices dropped from around $1.60 to the $1.18 area.

This shows many short term futures traders are stepping back, while spot buyers are becoming a bigger part of the market.

In past cycles, similar signals appeared when price was already beginning to recover. This time, the market is still trying to build a solid base.

There is no sign of panic selling yet, but there is also no clear proof that the trend has turned bullish.

For now, patience still makes the most sense.

The next move will likely depend on whether buyers can protect support and bring momentum back into the market.

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