XRP sees the sudden increase in trading activity as, according to data from CoinGlass, the perpetual derivatives market for the seventh largest cryptocurrency soared by over 66% in the last 24 hours. As a result, total derivatives turnover on XRP reached $1 billion, making the token the 12th largest by this measure.
Increased trading activity with XRP was also seen in the spot market, where the total trading volume reached over $1.03 billion, which is 71% higher than the day before. In summary, the total turnover of XRP across all markets was over $2.03 billion.
Calculating a ratio with this figure against the token’s market capitalization, we get a result of 6.6%, which means a rather normal and not extraordinary level of engagement in XRP trading.
XPR price outlook
The increase in trading activity is not only due to XRP but can also be attributed to the fact that the new week started with optimism among crypto market participants. This optimism may be due to expectations of an easing of recent geopolitical tensions.
As a market with more risk-taking participants, crypto is emerging as the first destination for all of the hot money.
The surge also coincides with the growth of the XRP price. Enjoying an increase of more than 1.5% since the beginning of the week, the price of the popular cryptocurrency now stands at $0.54.
However, compared to last week’s drop worth 16.78%, XRP still has a long way to go to at least recover to levels seen at the end of September. Maybe some news about the XRP ETF will give it an additional boost, but the price chart does not signal anything like that yet.
Read the full article here
