The popular cryptocurrency XRP is showing interesting dynamics in its trading activity today. According to data from CoinGlass, the trading volume of derivatives, namely perpetual futures on XRP, is growing by more than 50% today. At the same time, all other crypto assets are experiencing an opposite decline in trading volume, both on the spot and futures markets.
The clue to such anomalous nonconformist movement of the seventh largest cryptocurrency may lie in the interesting situation of the SEC’s case against Ripple. The thing is that everyone expected the regulator to file an appeal against the crypto company yesterday.
However, that did not happen, and no one understood what would happen next. Everyone began to wonder if the SEC would appeal the court’s ruling on the regulator’s case against Ripple, including XRP.
Until the truth is revealed by either side, the cryptocurrency is experiencing an influx of attention, including increased trading activity. The trading volume of XRP perpetual futures is now over $1.4 billion. As for the spot market, the numbers are similar.
In addition to the obvious 50% increase in volume, the ratio of volume to the cryptocurrency’s market capitalization is also indicative of increased trading activity. With a total of almost $3 billion and a market cap of $31.3 billion, this ratio is around 9.6%. This is higher than usual, and while not extraordinary, it does indicate a significant increase in trading activity for XRP.
As long as volatility provides traders with opportunities, we can expect XRP to remain in the spotlight for crypto market participants.
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