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February 12, 2024

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

Natasha Fernandez
Written byNatasha FernandezWriter
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
Natasha Fernandez
Natasha Fernandez
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Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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