Demand for XRP is reaching new heights, as evidenced by the significant growth in active futures contracts for the token.
XRP has continued to maintain its upward trajectory over the past few days. Despite the decline in the broader crypto market, XRP has remained above the $0.6 price zone.
At the time of publication, XRP is trading at $0.6505 per token, reflecting a daily gain of 3.46% and a weekly gain of 4.93%. Likewise, XRP has shown a significant gain of 37.99% on the monthly charts.
Active XRP Perpetual Futures Reach 1.5 Billion XRP
Interestingly, XRP’s outstanding performance has extended to the derivatives market, where the token has seen a stunning surge in activity.
Coinglass data shows that the number of active XRP perpetual futures contracts has reached a staggering 1.5 billion XRP. This figure is the highest recorded since April 20, 2024, more than three months ago.
XRP Sees Growing Demand As Funding Rates Move Into Positive Territory
Additionally, Coinglass also points out that XRP funding rates have been positive on various crypto exchanges, including Binance, OKX, and Kraken. The token boasts a funding rate of 0.0046% in the hours leading up to the time of publication.
The positive funding rate suggests that demand for long XRP positions has increased as traders anticipate a potential price surge. Meanwhile, XRP trading volume on the derivatives market has increased by 53.2% in the last 24 hours to $4.87 billion.
Specifically, Binance, Bitget, and Bybit are the top three exchanges with the largest XRP derivatives trading volume. While Binance boasts $1.7 billion in XRP derivatives volume over the past 24 hours, Bitget and Bybit have $1.18 billion and $875 million, respectively.
Meanwhile, the XRP spot market also saw a sharp increase in trading volume, with a daily gain of 32.95% to $2.43 billion.
Meanwhile, XRP investors are keeping a close eye on the upcoming SEC closed-door hearing scheduled for August 1. Some community members are speculating that the SEC may finally agree to settle its years-long lawsuit with Ripple at this meeting.
Like any positive development in the lawsuit, a potential settlement could pave the way for a significant increase in the price of XRP. However, it remains to be seen whether the SEC will agree to settle with Ripple after the meeting.
