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XRP saw a 2,095% futures volume surge on BitMEX crypto exchange as traders adjusted their positioning on the markets.
According to CoinGlass data, XRP futures volume on the Bitmex crypto exchange amounted to $14.72 million, a 2,095% increase in the last 24 hours.
Cryptocurrencies declined anew as investors weighed macro concerns. XRP is entering its seventh straight day of dropping, having declined since a March 17 high of $1.60. XRP has reversed March gains, now down 0.25% for the month, according to TradingView data.
The weakness reflects a broader pullback in risk assets, with most major cryptocurrencies trading in red across daily and weekly time frames. The options market reflects defensive positioning, with open interest down across most major cryptocurrencies.
In the last 24 hours, open interest was down 5.67% for XRP to $2.32 billion, according to CoinGlass data.
Crypto trading remains tepid. The market sentiment index from CoinGlass remains at the "extreme fear" level, where it has spent 25 of the last 30 days. XRP spot ETF flows showed limited improvement, with just $636,000 in weekly inflows, which is far below that which was previously seen, indicating a drop in institutional participation.
XRP price action
XRP has returned to trade below the daily MA 50 at $1.41. The price had previously broken above here in March, sparking optimism, but this was reversed as sellers dominate and recovery attempts stall.
With the XRP price down for six straight days, the token remains under pressure, with the support range between $1.33 and $1.37 now being watched.
The drop below $1.40 near the daily MA 50 remains a key development, highlighting a loss of short-term structure and handing momentum back to sellers.
The XRP price is currently trading in a descending channel, which can be seen between $1.38 and $1.42 as lower highs appear as volumes drop, which might reflect a distribution pattern.
Dan Burgin
Vladislav Sopov
