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XRP sees a sudden increase in trading activity as the seventh-largest cryptocurrency’s perpetual derivatives market surged more than 66% in the past 24 hours, according to CoinGlass data. As a result, XRP’s total derivatives sales reached $1 billion, making XRP the 12th largest token by this metric.
Increased trading activity using XRP was also seen in the spot market, with total trading volume reaching more than $1.03 billion, an increase of 71% from the previous day. To summarize, XRP’s total sales across all markets exceeded $2.03 billion.
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If we calculate the ratio of this number to the token market capitalization, we get a result of 6.6%. This means that the level of involvement in XRP transactions is not abnormal, but rather a fairly normal level.
XPR price outlook
The increase in trading activity can be attributed not only to XRP, but also to the fact that the new week started with optimism among crypto market participants. This optimism may be due to hopes that recent geopolitical tensions will ease.
As a market with more risk-taking participants, cryptocurrencies are emerging as the first destination for all the hot money.
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This spike also coincides with the rise in XRP price. Up more than 1.5% since the beginning of the week, the popular cryptocurrency currently costs $0.54.
XRP to USD conversion by CoinMarketCap
However, compared to last week’s drop of the equivalent of 16.78%, XRP still has a long way to go to recover at least to its end-September levels. Perhaps some news regarding the XRP ETF will push the price further up, but the price chart is not showing any signs of that yet.
