XRP-related derivative trading volume experiences a significant 62.99% increase, fueled by bullish market sentiment.
Hop on Google News and read U.TODAY's take on XRP's surge - XRP derivatives market sizzles, open interest dips**
- The XRP trading scene is heating up, y'all!
The XRP derivatives market has seen a massive boost in activity in the past day, according to the latest data from Coinglass. Trading volume skyrocketed by a whopping 62.99%, pushing the total volume to an impressive $4.52 billion.
This surge in volume points to increased trader interest and might hint at an imminent XRP price hike.
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XRP derivatives market sizzles, open interest dips
Contrasting the rise in volume, XRP open interest saw a 0.3% drop to $3.65 billion at the moment. The open interest figure represents the total number of outstanding contracts.
The dip in open interest suggests that traders haven't taken on too many active positions despite the surge in trading activity. Nevertheless, there's been a 65.06% spike in options volume, leading to a 24.48% rise in the value of open options positions, totaling $763,030.
The increase in the options market suggests traders are anticipating numerous factors that could sway future XRP price direction.
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An examination of trader behavior reveals that a large number of them are considering taking long positions, particularly on Binance, one of the major players in the crypto world.
Bullish sentiment reigns supreme
Binance's long-to-short ratio currently stands at 3.0161, meaning there are three traders willing to take long positions for every one seeking to take short positions. The long-to-short ratio on OKX is also bullish, coming in at 2.2.
The Rekt data, which tracks liquidations, shows that total liquidations over the past 24 hours have amounted to $8.63 million. Short liquidations accounted for $835,450, while long liquidations totaled $7.8 million.
The Coinglass data indicates that the XRP derivatives market is displaying robust signs of bullish momentum, with traders bullish on XRP's future price movements.
Current CoinMarketCap data shows that XRP is trading at $2.15, down 0.69% in the last 24 hours. XRP's price has shown volatility over the same period, reaching $2.18 briefly, dipping to around $2.10, and then climbing to its current price of $2.15.
While XRP's price action has been on the move, there's an industry event that could be shaking up trader sentiment: the recent news by U.Today that Ripple donated $25 million in RLUSD to support U.S. schools and teachers.
#XRP #RLUSD
Fun Fact: Did you know that the XRP currency was created by Ripple Labs, a U.S. company based in San Francisco?
Sources:
- MarketWatch
- FXempire
- CoinZoom
- NewsBTC
- Coinglass
- The massive surge in XRP's trading volume, currently at $4.52 billion, indicates a heightened interest among traders, likely forecasting an imminent price increase for XRP.
- Despite the volume spike, the open interest in the XRP derivatives market dipped by 0.3%, suggesting that traders are not overly committed to active positions despite the increased activity.
- The rising options volume and the continuous climb in the value of open options positions might indicate that traders are anticipating numerous influential factors shaping XRP's future price direction.
- The bullish sentiment in the XRP derivatives market is evident, as the long-to-short ratio on Binance stands at 3.0161, meaning there are three traders willing to take long positions for every one seeking to take short positions.
- The recent news of Ripple donating $25 million in RLUSD to support U.S. schools and teachers might be influencing the trading sentiment for XRP, potentially impacting its price prediction.
