As a seasoned crypto investor with a knack for reading market trends, I find myself intrigued by the sudden surge in XRP trading activity. The 66% spike in derivatives trading and the $1 billion total derivatives turnover have certainly piqued my interest. However, when considering the ratio of this volume to XRP’s market capitalization, it seems we are witnessing a relatively normal level of engagement.
Over the past day, there’s been a surge in trading activity for XRP, as indicated by data from CoinGlass. This surge caused the perpetual derivatives market for XRP to jump by more than 66%. This significant rise has pushed the overall derivatives turnover of XRP to exceed $1 billion, which positions XRP as the 12th largest in terms of derivatives trading volume.
yesterday’s XRP trading activity surged in both the spot market and other markets, with the daily trading volume hitting a staggering $1.03 billion in the spot market alone – a 71% increase compared to the previous day. The total trade of XRP across all platforms exceeded $2.03 billion on that day.
By dividing this value by the total market cap of XRP, we find that its trading engagement is approximately 6.6%. This percentage indicates a relatively average level of involvement in XRP trading, suggesting nothing particularly extraordinary.
XPR price outlook
The increase in trading activity is not only due to XRP but can also be attributed to the fact that the new week started with optimism among crypto market participants. This optimism may be due to expectations of an easing of recent geopolitical tensions.
In the realm of investment, I’ve found myself drawn to the dynamic world of cryptocurrencies. It seems that this sector, known for its adventurous spirit, is increasingly becoming the go-to place for the bold and the daring – the so-called ‘hot money’.
The surge also coincides with the growth of the XRP price. Enjoying an increase of more than 1.5% since the beginning of the week, the price of the popular cryptocurrency now stands at $0.54.
Nonetheless, whereas last week saw a 16.78% decline, XRP still needs considerable growth to reach its September-end levels. Possibly, news regarding an XRP ETF could provide a significant push, although current trends in the price chart do not suggest such a development at present.
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2024-10-07 19:26