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February 12, 2024

XRP Derivatives Trading Surges 68.2% in 24 Hours, But Price Declines

Leticia "Letty" Santos
Written byLeticia "Letty" SantosWriter
Researched byNikos PapadopoulosResearcher

Recent data from CoinGlass shows a significant increase in XRP derivatives trading, with a 68.2% surge observed over the past 24 hours, totaling $867.89 million. CoinMarketCap's data also reveals a 24-hour spot market volume for XRP reaching $837.35 million, pushing the combined trading volume for XRP beyond the billion-dollar mark.

XRP Derivatives Trading Surges 68.2% in 24 Hours, But Price Declines

However, despite the surge in trading volume, XRP's price trajectory tells a different story. Over the past four hours, XRP has experienced a decline in price and has been among the top liquidated assets on the crypto market. Approximately $190,000 worth of XRP positions were liquidated during this period, with 99.4% of these liquidations representing long positions.

The primary factor contributing to this imbalance is the recent decline in XRP's price. After encountering resistance at around $0.535, XRP has struggled to maintain upward momentum. Although there were modest gains recorded on Saturday, subsequent days have seen a downturn, indicating prevailing bearish sentiment in the market.

Looking ahead, the future trajectory of XRP remains uncertain. Market trends suggest a continuation of bearish sentiment, as recent price action indicates a market heading south.

In summary, while the spike in trading volume may initially seem promising for XRP, the concurrent bearish price movement presents a more nuanced perspective.

About the author
Leticia "Letty" Santos
Leticia "Letty" Santos
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Letty Santos, a vibrant spirit from the heart of Manila, seamlessly merges her passion for Filipino culture with the exhilarating world of online casinos. Bringing a unique Filipino touch to every project, she's a gem in the casino localization realm.

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