Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Recent data from CoinGlass indicates a notable uptick in XRP derivatives trading, with a significant 68.2% increase observed over the past 24 hours, totaling $867.89 million. This surge in trading activity is complemented by CoinMarketCap's data of a 24-hour spot market volume for XRP reaching $837.35 million.
As a result, the combined trading volume for XRP has exceeded the billion-dollar mark, reflecting a resurgence of interest in this particular digital asset.
Gamza KhanzadaevHowever, despite the apparent surge in trading volume, XRP's price trajectory tells a more nuanced story. Over the past four hours, amid heightened trading activity, XRP has found itself among the top liquidated assets on the crypto market.
Approximately $190,000 worth of XRP positions were liquidated during this period, with an overwhelming 99.4% of these liquidations representing long positions.
The primary factor influencing this imbalance is the recent decline in XRP's price. After encountering resistance at around $0.535, XRP has struggled to sustain upward momentum. While there were modest gains recorded on Saturday, with XRP's price increasing by just over 2.5%, subsequent days have seen a downturn, signaling bearish sentiment prevailing on the market.
Looking forward, the future trajectory of XRP remains uncertain. However, prevailing market trends suggest a continuation of bearish sentiment. Recent price action underscores this outlook, indicating a market heading south.
In summary, while the spike in trading volume may initially appear promising for XRP, the concurrent bearish price movement presents a nuanced perspective.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov