Recent data from CoinGlass indicates a notable increase in XRP derivatives trading, with a significant increase of 68.2% observed in the last 24 hours, totaling $867.89 million. This increase in trading activity is complemented by data from CoinMarketCap that 24-hour spot market volume for XRP reached $837.35 million.
As a result, combined trading volume for XRP has surpassed the billion-dollar mark, reflecting a resurgence of interest in this particular digital asset.
However, despite the apparent increase in trading volume, XRP’s price trajectory tells a more nuanced story. In the last four hours, in a context of intense commercial activity, XRP found itself among the best liquidated assets on the cryptocurrency market.
During this period, approximately $190,000 worth of XRP positions were liquidated, of which an overwhelming 99.4% represented long positions.
The main factor influencing this imbalance is the recent decline The price of XRP. After encountering resistance around $0.535, XRP struggled to sustain the bullish momentum. While modest gains were recorded on Saturday, with the price of XRP rising by just over 2.5%, the following days saw a decline, signaling bearish sentiment prevailing in the market.
Looking ahead, the future trajectory of XRP remains uncertain. However, prevailing market trends suggest the continuation of bearish sentiment. Recent price action highlights this outlook, pointing to a southbound market.
In summary, while the spike in trading volume may initially look promising for XRP, the simultaneous bearish price movement presents a nuanced outlook.
