<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Recent data from&nbsp;<a href="https://www.coinglass.com/LiquidationData?fbclid=IwAR3Kzfm_kp-H6k6qrtM7s-L7MdFTg3g8lKA3uhob0V5DvIJvc71E4VodU1A" rel="noopener noreferrer nofollow">CoinGlass</a> indicates a notable uptick in XRP derivatives trading, with a significant 68.2% increase observed over the past 24 hours, totaling $867.89 million. This surge in trading activity is complemented by CoinMarketCap's data of a 24-hour spot market volume for XRP reaching $837.35 million.&nbsp;
As a result, the combined trading volume for XRP has exceeded the billion-dollar mark, reflecting a resurgence of interest in this particular digital asset.
However, despite the apparent surge in trading volume, XRP's price trajectory tells a more nuanced story. Over the past four hours, amid heightened trading activity,&nbsp;<a href="https://u.today/ripple-grabs-100-million-xrp-at-pivotal-moment-for-xrp-price" rel="noopener noreferrer nofollow">XRP</a> has found itself among the top liquidated assets on the crypto market.&nbsp;
Approximately $190,000 worth of XRP positions were liquidated during this period, with an overwhelming 99.4% of these liquidations representing long positions. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="8e0e3b3b-6b66-46b3-849e-7d8728d6f92a" src="https://u.today/sites/default/files/inline-images/xrpp_3.png">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
The primary factor influencing this imbalance is the recent decline in&nbsp;<a href="https://u.today/ethereum-sidechain-is-biggest-attack-on-xrp-ledger-convinced-foundation-official" rel="noopener noreferrer nofollow">XRP's price</a>. After encountering resistance at around $0.535, XRP has struggled to sustain upward momentum. While there were modest gains recorded on Saturday, with XRP's price increasing by just over 2.5%, subsequent days have seen a downturn, signaling bearish sentiment prevailing on the market.
Looking forward, the future trajectory of XRP remains uncertain. However, prevailing market trends suggest a continuation of bearish sentiment. Recent price action underscores this outlook, indicating a market heading south.
In summary, while the spike in trading volume may initially appear promising for XRP, the concurrent bearish price movement presents a nuanced perspective.

XRP Witnesses 68% Volume Spike as XRP Price Takes Bear Side

U_Today

Other articles published on Feb 12, 2024

Beam (BEAM) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Maker (MKR) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Flow (FLOW) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

South Korea Enhances Crypto Market Regulation with Rigorous FIU Strategy

NZ Banker: Bitcoin, Stablecoins Can’t Replace Central Bank Money

Altcoins Gain Momentum as IMX Coin Targets New Peaks

Join our free newsletter for daily crypto updates!