According to the latest data from CoinGlass, the popular cryptocurrency XRP The trading volume of derivatives on has increased by a staggering 93% in the last 24 hours. This increase is notable as the turnover of perpetual futures on XRP increased to $661.08 million. At the same time, the XRP spot market experienced a 68% increase in trading volume, reaching an impressive $800 million.
This data shows that interest and trading activity in XRP has increased significantly. This large increase in derivatives markets shows that investors are speculating on the future price movements of XRP and are expecting potentially large moves. The increase in spot market volume reveals that there is also a significant increase in direct buying and selling transactions. This indicates that the interest of both short-term investors and long-term investors in XRP has increased.
This combined activity increased XRP’s total turnover on centralized platforms to $1.46 billion in a single day. While XRP’s market cap is $28.32 billion, its trading volume currently represents approximately 5.1% of its total value, indicating a significant but not overwhelming level of trading activity.
XRP Bulls Performance
However, the increase in trading activity was accompanied by a significant increase in the liquidation of long positions. A staggering $935.280 million of bullish positions were liquidated in the last 24 hours, in stark contrast to the relatively small $74,580 liquidated from bear positions. This staggering 1.254% deviation is pretty telling of what’s going on in the market right now.
This indicates that there is great volatility in the market and investors should be cautious about future price movements of XRP. Such large liquidations of long positions indicate that investors have suffered large losses due to unexpected price movements and that the market is currently quite volatile. Such liquidations can often cause sudden declines in prices and require investors to act more carefully and strategically.
While increased activity indicates strong investor interest, significant liquidations of bullish positions indicate a painful correction for many traders.
As of now, XRP is priced around $0.50 per token. The chart reveals that the XRP price has been quoted within an upward corridor since May 2023, with the upper dynamic resistance currently at $0.80 per token. While the token continues to attract attention with its dynamic performance, the market remains alert to potential fluctuations.
