XRP is showing a more mixed market structure as derivatives activity on Binance continues to build while newer on-chain data points to heavier trading during hours dominated by major global financial centers. Binance XRP open interest rose from about $181 million on August 3 to $232.7 million on August 17, a 28.6% increase that took it to its highest level since June 2026, reversing a July contraction that had pushed the seven-day change near negative $40 million on July 29 before rebounding to positive $38.9 million. The positioning had appeared tilted toward sellers, with Binance perpetual CVD falling to negative $463.2 million and all-CEX estimated spot CVD swinging from about positive $153 million on August 3 to negative $231.8 million, a roughly $385 million shift toward net selling. At the same time, Binance whale inflows dropped to a three-month average of $61 million, their lowest level since 2021, versus $456 million in January 2025 and $355 million in October, while netflows remained positive at about $18.8 million. New reporting adds a separate market signal: CryptoQuant data from Aug. 18 showed XRP open interest on Binance at around $461.3 million, up from around $360 million at the beginning of August and the highest level in two months, while EvernorthXRP said 23.5% of XRP on-chain trading volume in July 2026 occurred during a three-hour window overlapping London's afternoon and New York's morning, up from 14.5% a year earlier. That concentration across order-book trading, automated market maker pools and cross-currency payment routing may point to growing participation during the most active global foreign-exchange hours. XRP remained near the $1 level over the past week.