Futures contracts on XRP have seen a sharp resurgence in activity in August. The aggregated volume across Binance, Bybit and OKX exceeded $64.6 billion, the highest since February.

Key points:

  • The volume of XRP futures on Binance, Bybit and OKX exceeded $64.6 billion in August.

  • Binance leads with around $37 billion, while spot activity on XRP has also reached a peak since February.

  • Technical signals remain divided: inflows into ETFs are slowing, and XRP remains below its 50-week WEMA.

Spikes in volume on XRP futures

CryptoQuant data shows that XRP futures contracts have gained momentum across major platforms in August, led by Binance, which processed about $37 billion worth of XRP derivatives during the month.

Bybit recorded nearly $14.54 billion, while OKX handled about $12.88 billion, bringing the combined volume across the three platforms to more than $64.6 billion.

This acceleration marks the most active month in six months for XRP futures. The spot market also hit a peak since February: Binance handled about $7.28 billion in spot volumes, followed by Upbit with $4.68 billion and Bithumb Korea with nearly $2.59 billion.

Bybit, Gate.io, and KuCoin show spot volumes of roughly $1.4 billion, $1.33 billion, and $1.23 billion respectively, while Bitget and Coinbase are each just under the $1 billion mark. This broad rise in trading indicates a return of liquidity, both in derivatives and in spot.

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ChartNerd technical analysis

Crypto analyst ChartNerd notes that XRP has been trading below its 50-week weighted exponential moving average for the third consecutive week, while the weekly RSI Stochastic remains in overbought territory. The 20-week WEMA, currently around $1.29, is now acting as support, and a prolonged weakness below the 50-week WEMA could pave the way for a deeper correction.

Institutional demand remains positive, even though the pace has clearly slowed down. The exchange-traded funds (ETFs) backed by XRP saw nearly $19 million in net inflows over the last week, extending their streak of positive flows to eight weeks after more than $110 million was raised in the previous period.

Flows started at $5.64 million on August 31 and $14.38 million on September 1, before a withdrawal of $7.2 million on Wednesday, the first net negative flow since August 5. On Thursday, an additional $6.14 million entered, while Friday’s session ended with a broadly unchanged position.

August’s surge in derivatives followed a strong run in the XRP price: the asset gained nearly 30%, rising from $1.06 at the start of the month to $1.50 on August 24, before closing at $1.35. This range helps explain why volumes in both futures and the spot market have returned to their February levels on major platforms.

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