According to U.Today, the trading volume of derivatives on the cryptocurrency XRP has seen a significant increase of 93% within the last 24 hours. This surge is marked by a substantial rise in the turnover of perpetual futures on XRP, which reached $661.08 million. Concurrently, the spot market for XRP saw a 68% increase in trading volume, hitting an impressive $800 million.
This combined activity has pushed the total turnover of XRP on centralized platforms to a substantial $1.46 billion within a single day. With XRP's market capitalization standing at $28.32 billion, the trading volume now represents approximately 5.1% of its total value, indicating a significant, but not overwhelming, level of trading activity.
However, this increase in trading activity has been accompanied by a remarkable surge in liquidations of long positions. Over the past 24 hours, a staggering $935,280 million in bullish positions have been liquidated, compared to the relatively minor $74,580 liquidated from bearish positions. This divergence of a staggering 1,254% is indicative of the current market situation.
While the increased activity signals strong investor interest, the significant liquidations of bullish positions suggest a painful correction for many traders. As of now, XRP is priced around $0.50 per token. The XRP price has been moving within an upward corridor since May 2023, with the upper dynamic resistance now at $0.80 per token. As the token continues to attract attention with its dynamic performance, the market remains on high alert for potential volatility.