In a notable market shift, the trading volume of derivatives on the popular cryptocurrency XRP has soared by an astonishing 93% within the last 24 hours, according to recent data from CoinGlass.
This surge is highlighted by a notable increase in turnover of perpetual futures on XRP climbing to $661.08 million. At the same time, the spot market for XRP experienced a 68% increase in trading volume, reaching an impressive $800 million.
Gamza KhanzadaevThis combined activity has propelled the total turnover of XRP on centralized platforms to a substantial $1.46 billion within a single day. With XRP's market capitalization at $28.32 billion, the trading volume now represents approximately 5.1% of its total value, suggesting a significant yet not overwhelming level of trading activity.
Bulls take L
However, the rise in trading activity has been accompanied by a remarkable surge in liquidations of long positions. Over the past 24 hours, a staggering $935,280 million in bullish positions have been liquidated, in stark contrast to the relatively minor $74,580 liquidated from bearish positions.
This divergence of a staggering 1,254% is quite telling of what is happening on the market right now.
While the increased activity signals strong investor interest, the significant liquidations of bullish positions indicate a painful correction for many traders.
Tomiwabold Olajide
As of now, XRP is priced around $0.50 per token. The chart reveals that the XRP price has been quoting within an upward corridor since May 2023, with the upper dynamic resistance now at $0.80 per token. As the token continues to attract attention with its dynamic performance, the market remains on high alert for potential volatility.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov