XRP Futures Trading Volume Hits Six-Month High in August
In August, XRP futures trading volume reached a six-month high, marking the busiest period since February according to CryptoQuant. This surge was driven by a nearly 30% price increase for XRP during the month, which climbed from $1.06 at the start of August to an intraday peak of $1.50 before settling around $1.35. Binance led in futures trading with approximately $37 billion in volume, followed by Bybit and OKX. The spot market also saw increased activity, hitting a six-month high in trading volumes on platforms like Binance, Upbit, and Bithumb. However, some analysts remain cautious about the sustainability of this rally, noting that XRP has closed below its 50-week moving average for three consecutive weeks with overbought momentum indicators.
Tickers: $XRP
Topics: derivatives market futures trading volume price rally XRP