According to the latest data by CoinGlass XRP There was a significant 68% increase in derivatives trading. According to the latest data, the total volume exceeded 867 million dollars. This increase in trading activity was also supported by spot trading volume in the last 24 hours. As we reported as Koinfinans.com, the spot transaction volume is around 837 million dollars.
As a result, the combined trading volume for XRP has surpassed the $1 billion mark, reflecting a resurgence of interest in this particular digital asset.
However, despite the significant increase in trading volume, the price of XRP has not shown much activity. Over the past four hours, amid increased trading activity, XRP has found itself among the most liquidated assets in the crypto market.
During this period, approximately $190,000 worth of positions were liquidated, and the overwhelming majority of these liquidations, 99.4%, represented long positions.
One of the reasons for the imbalance in price and trading volume was the recent decline in the XRP price. The price struggled to rise after encountering resistance near $0.535 and stagnated. On Saturday, the limited rally of 2.5% was not enough for things to get better.
While future price movement remains uncertain, the prevailing trend seems to be bearish. So, while the increase in trading volume initially looked promising for XRP, the simultaneous bearish price action offers a nuanced perspective.
