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The crypto market returned to red on Monday, with $360 million in liquidations over the last 24 hours.
XRP was likewise trading in red, down 2.99% in the last 24 hours to $1.40. This drop is reflected on the derivatives market, with XRP futures flow, which suggests futures contracts inflows or outflows across major exchanges — indicating whether capital is entering or leaving derivative positions — dropping 3,711.06% in the last four hours.
In the last 24 hours, $7.87 million were liquidated in the last 24 hours; $2.02 million of this figure came in during the last four hours.
According to CoinGlass data, XRP futures inflow came in at $174.19 million in the last four hours, less than outflows at $204.77 million. The netflow change came in at a negative $30.57 million, yielding negative flows of 3,711.06%.
The negative futures flow, which suggests increasing outflows in the last four hours, might indicate closing positions amid the ongoing market sell-off.
XRP rebounded as much as 25% on Friday before retracing; thus the negative net outflow might suggest ерфе traders are reducing their exposure, in line with profit-taking or de-risking.
Still, in a tentative sign of returning optimism, XRP exchange-traded funds recorded inflows of $15.16 million on Feb. 6, while cumulative weekly netflows came in at $39.04 million.
February is set to see new amendments activate on the XRP Ledger. These include Permissioned DEX and Token Escrow amendments. On Feb. 11 and 12, the XRP community day event will convene XRP holders, builders, institutions and Ripple leaders to discuss what's next for XRP.
Crucial data awaited in market
The crypto market is largely trading down ahead of a busy week. Investors are expecting a slew of economic data this week, much of which was delayed due to the partial government shutdown. This includes the delayed nonfarm payrolls report for January, which was initially scheduled for last Friday, but which the Bureau of Labor Statistics will now release on Wednesday morning.
The January consumer price index reading, also delayed by the shutdown, is scheduled for Friday morning.
In addition to these reports, investors will await retail sales for December on Tuesday and weekly initial jobless claims on Thursday.
Yuri Molchan
Arman Shirinyan
Gamza Khanzadaev
Tomiwabold Olajide