XRP becomes the best performing cryptocurrency in the Top 100 after the sudden price increase

XRP has taken the title of best-performing digital asset among the top 100 by market capitalization. The token’s price rose to $0.7293 after a dramatic 18.9% increase in a 24-hour window.

The Ripple-affiliated cryptocurrency also saw an increase in trading volume, surpassing a whopping $5 billion.

According to data from CoinGecko, Litecoin (LTC) ranks second after gaining 18.4%.

XRP Derivatives Data

Recent derivatives data reveals strong bullish sentiment among traders in the XRP market. Trading volume increased by a staggering 348.07% to a colossal $5.62 billion.

Open interest, which indicates the total number of outstanding derivative contracts, such as unsettled futures and options, also saw a notable increase of 30.44% to $1.06 billion.

Despite a 46.56% decline in options volume, open options increased by 15.02%. This shows that traders potentially see long-term value in holding XRP options.

Among major exchanges, Binance leads with a staggering $366.88 million in open interest on XRP futures, followed closely by Bybit with $312.19 million and Bitget with $157.02 million.

Consistent liquidations

XRP’s dramatic price rise has not been without turbulence as data across various time frames has revealed significant liquidations.

In the space of just one hour, $1.02 million worth of positions were liquidated, highlighting the market volatility and risks involved in trading XRP futures.

A deeper look over 24 hours showed liquidations of $9.95 million, with an almost even distribution between long positions at $4.86 million and short positions at $5.08 million.

This shows a heated market where both bulls and bears faced substantial liquidations.

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