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.

Related: XRP Price Plummeted as Volume Peaked

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.