The XRP token (XRP) is among the best-performing cryptocurrencies of the day, among the top 100 by market capitalization, with a price increase of more than 4.5% in the last 24 hours. However, the most relevant increase is in the volume of spot currencies and derivatives, which more than doubled on October 4.
At the time of publication, the data recovered by Finbold from CoinMarketCap and glass coin shows impressive increases in both volume indices in the last 24 hours, with a 104% increase in first source spot exchange volume and over 185% in derivatives trading volume for XRP.
Notably, $.52 at press time.
Despite this large volume of (BTC) and Ethereum (ETH) have plummeted. 30% in the same period.
XRP derivatives with highest commercial demand
While glass coin.
Therefore, it means that cryptocurrency traders are mostly migrating their derivatives trading towards the Ripple token, rather than other competitors.
At the time of this publication, XRP derivatives recorded a total flow of $3.16 billion, double the spot exchange volume already highlighted. This amount also corresponds to three times less than ETH’s 24-hour derivatives volume, in a divergence related to the market capitalization of both cryptocurrencies.
Interestingly, as open interest volume increases, XRP investors could possibly expect another price increase for the token as both metrics appear quite correlated according to a chart also recovered from glass coin.
However, historical correlation does not necessarily mean that the price will follow this metric. The derivatives data also suggests that there are more traders opening short positions than long ones at the moment.