XRP has emerged as the highest-performing digital asset among the top 100 based on market capitalization. The token had a sharp 18.9% surge in value within a day, reaching $0.7293.
The trading volume of the cryptocurrency connected to Ripple has also increased significantly, surpassing a staggering $5 billion.
Based on CoinGecko data, Litecoin (LTC) adds 18.4%, placing it in a tight second place.
XRP derivatives data
Recent data on derivatives shows that traders in the XRP market are strongly positive. The trade volume reached a staggering $5.62 billion, a staggering 348.07% increase.
The amount of outstanding derivative contracts, such as futures and options, that have not yet been resolved is known as open interest, and it increased by 30.44% to $1.06 billion.
Options open interest increased by 15.02% even though options volume decreased by 46.56%. This indicates that traders could think owning XRP options would be profitable in the long run.
With an astounding $366.88 million in open interest in XRP futures, Binance led the top exchanges. Bybit, with $312.19 million, and Bitget, with $157.02 million, were next in line.
Substantial liquidations
There was some volatility during the sharp rise in XRP’s price, as data from different time periods showed notable liquidations.
$1.02 million worth of contracts were liquidated in less than an hour, demonstrating the volatility of the market and the dangers associated with trading XRP futures.
A closer examination over the course of a day revealed $9.95 million in liquidations, distributed almost evenly between long holdings ($4.86 million) and short positions ($5.08).
This illustrates a volatile market with significant liquidations for both bulls and bears.
