Investing.com | Editor Venkatesh Jartarkar
Published Oct 04, 2023 04:33PM ET
Ripple’s cryptocurrency, XRP, has been experiencing an exceptional performance, marked by a significant surge in spot exchange and derivatives volume, according to data from Finbold, CoinMarketCap, and CoinGlass. Within a single day, XRP’s 24-hour volume soared to nearly $1.8 billion, constituting 6.36% of its close to $28.24 billion market cap on Wednesday.
While Bitcoin and Ethereum derivatives volumes have seen a 30% decline over the same period, XRP is witnessing an unprecedented demand surge for derivative contracts. The derivatives flow for XRP has reached an impressive $3.16 billion, indicating a growing interest among crypto traders who are increasingly shifting their operations towards this digital asset.
The price of XRP currently stands at $0.52 and its market momentum continues to be fueled as more traders move towards it. Notably, derivatives data suggests that there has been a significant increase in traders opening short positions on XRP, adding another layer to its market activity. This shift in trading behavior could potentially influence the future performance of XRP in the cryptocurrency market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
