Derivatives trading on the popular cryptocurrency, XRP, is currently up 45% or more, according to data from CoinGlass. For example, an unexpected spike in the activity in trading perpetual futures on XRP has pushed turnover in the market for the instrument to the $1.13 billion mark. The token ranks eighth in the crypto derivatives market by this measure.
At the same time, XRP is also seeing a surge in trading on the spot market. Thus, according to CoinMarketCap, the popular cryptocurrency's turnover in this segment of the crypto market in the past day amounted to $1.085 billion, which is 33.22% higher than the day before.
Gamza KhanzadaevAs a result, the ratio of XRP trading volume to market capitalization is 3.85%, which does not really indicate extraordinary trading activity, but rather a standard value that should be the norm for such a large asset.
What's behind surge?
The reason for today's spike in volume is likely the market's relief from the extremely negative sentiment of the past 24 hours. Against the backdrop of disappointing macroeconomic data and the painful fall of a number of large technology companies, the crypto market updated monthly lows, inspiring participants with extremely cautious sentiment.
Godfrey BenjaminThe unexpected greening that came when Bitcoin crossed the $57,000 threshold seems to have brought greed and excitement back to the market and, as a result, trading activity in popular cryptocurrencies, especially XRP, increased.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team