- As the price of XRP
token reaches its highest level since December 2021, there is an increase in market activity due to a significant surge in daily trading volume.
- Looking at XRP price charts, we can see that funding rates for derivatives have reached their highest levels globally in 2023, recorded at 0.014%.
- According to data from exchanges, XRP’s trading volume has surged over 2,300% in the past 24 hours, surpassing $14 billion.
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With the positive sentiment in the market following XRP’s victory against the SEC, trading volumes for XRP have rapidly increased, surpassing even Bitcoin.
Volumes Soar in XRP’s Victory
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Following XRP’s significant victory against the US Securities and Exchange Commission (SEC) yesterday, the bullish momentum continues in the overall market, as reported by crypto news. As the price of XRP token reaches its highest level since December 2021, there is an increase in market activity due to a significant surge in daily trading volume.
As the Ripple team noted yesterday, XRP’s gains are applicable to all cryptocurrencies. Bitcoin has surged above $31,800, and Ethereum has surpassed $2,000. Other altcoins like Stellar (XLM) and Cardano (ADA) have also experienced strong upward movements. However, XRP has enjoyed its own victory and has seen further price increases.
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Looking at XRP price charts, we can see that funding rates for derivatives have reached their highest levels globally in 2023, recorded at 0.014%. A sudden increase in funding rates usually attracts investors with long positions. Open positions are also at their highest level of the year, indicating that the market is betting on further price increases.
Additionally, the highest liquidation (liq) amount occurred in XRP following Bitcoin. In the past 24 hours, $68.2 million worth of positions were liquidated in Bitcoin, while $65.6 million worth of positions were liquidated in XRP. Short positions accounted for $37 million of the liquidation amount in XRP.
XRP volume reaches $2.6 billion on Upbit exchange
According to data from exchanges, XRP’s trading volume has surged over 2,300%, surpassing $14 billion in the past 24 hours. The total trading volume for the cryptocurrency soared from approximately $613 million the previous day to over $14 billion.
This 23-fold increase included a massive $2.6 billion trading volume from Upbit, South Korea’s largest crypto exchange. This volume represented 46% of the total trading volume of the South Korea-based cryptocurrency trading platform.
At the time of writing, the global 24-hour Bitcoin trading volume was around $22 billion, with Upbit accounting for 5% of the volume in the morning hours. Upbit surpassed Binance and OKX, becoming the exchange with the highest volume for XRP as a US judge declared that XRP is not a security.
This development occurred as Coinbase, Kraken, and other platforms that delisted XRP following the SEC case re-enabled trading or announced their plans. For instance, Gemini stated that it would enable trading for XRP on spot and derivative markets.