XRP Surges 20% in Just a Few Hours Alongside Strong On-Chain Signals

XRP has emerged as one of the standout digital assets among the top 100 by market capitalization, marking a significant milestone in its recent surge.

Over the past 24 hours, the price of XRP surged abruptly to $0.7293, achieving an impressive gain of 18.9%. This surge not only represents a unique increase in value but also comes with a substantial rise in trading volume, surpassing the $5 billion mark. Litecoin (LTC) closely followed XRP’s lead with a notable increase of 18.4%, securing its position as the second-highest gainer.

Analyzing the derivatives data for XRP, we observe a positive sentiment among traders during this upward trend. The trading volume of XRP futures has significantly increased by 348.07%, reaching a total value of $5.62 billion. Concurrently, open interest, representing the total value of outstanding futures contracts, rose by 30.44%, reaching $1.06 billion.

Despite a 46.56% decrease in options trading volume, the open interest for XRP options increased by 15.02%, indicating traders’ interest in long-term value while holding XRP options. On the trading platforms, Binance leads with $366.88 million in open interest for XRP futures contracts, followed by Bybit with $312.19 million and Bitget with $157.02 million.

However, the sudden surge in XRP’s price is accompanied by significant liquidation activity, highlighting potential risks associated with XRP futures contracts trading. In just one hour, the total liquidation value reached $1.02 million, underscoring the market’s volatility. Over the 24-hour period, the liquidation amount reached $9.95 million, with both long and short positions facing considerable liquidation risks.

(1 vote)