XRP has secured the title of best-performing digital asset among the top 100 by market cap. The token price skyrocketed to $0.7293 after a dramatic 18.9% rise in a 24-hour period.
XRP has secured the title of best-performing digital asset among the top 100 by market cap. The token price skyrocketed to $0.7293 after a dramatic 18.9% rise in a 24-hour period.
The Ripple-affiliated cryptocurrency has also seen an increase in trading volume, which has surpassed a whopping $5 billion.
Litecoin (LTC) comes in a close second after adding 18.4%, according to CoinGecko. data.
XRP Derivatives Data
Recent derivatives data reveals strong bullish sentiment among XRP market traders. Trading volume increased by an extraordinary 348.07%, reaching a colossal figure of $5.62 billion.
Open interest, which indicates the total number of outstanding derivatives contracts such as futures and options that have not been settled, also saw a notable increase of 30.44%, reaching $1.06 billion.
Despite a 46.56% drop in options volume, options open interest increased by 15.02%. This shows that traders are potentially seeing long-term value in holding XRP options.
Among major exchanges, Binance led with a staggering $366.88 million in XRP futures open interest, closely followed by Bybit with $312.19 million and Bitget with $157.02 million.
Substantial settlements
The dramatic rise in XRP price was not without turbulence, as data from several time periods revealed significant sell-offs.
In a single hour, $1.02 million worth of positions were liquidated, highlighting the market volatility and risks involved in trading XRP futures.
A deeper look at a 24-hour period showed $9.95 million in liquidations, with a nearly equal distribution between long positions of $4.86 million and short positions of $5.08 million.
This shows a heated market where both bulls and bears faced substantial sell-offs.
