Cryptocurrency

<div class="finbold">
 <p class="paragraph">XRP token (XRP) is among the best-performing cryptocurrencies of the day, in the top 100 by market cap, with a price increase superior to 4.5% in the last 24 hours. However, the most relevant <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> is within its spot exchange and <a rel="noopener noreferrer nofollow" title="derivative" href="https://thebittimes.com/tag/derivative.html">derivative</a>s <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, both more than doubling up on October 4.</p>
 <div></div>
 <p class="paragraph">At the time of publication, data retrieved by Finbold from <em>CoinMarketCap</em> and <em>CoinGlass</em> shows impressive surges in both volume indexes in the last 24 hours, with an increase of 104% on the spot exchange volume from the first source, and over 185% in the derivatives operations volume for XRP.</p>
 <p class="paragraph">Notably, XRP registered a 24-hour <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> of close to $1.8 billion, which corresponds to 6.36% of the digital asset’s market capitalization of close to $28.24 billion, as the token is traded at $0.52 by press time.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="564" height="288" src="https://cdn.thebittimes.com/images/2023/10/04/c5e57f9b843731604354cac626c412b7.webp" alt="XRP stats: Market Cap, Volume (24h), and Volume/Market cap (24h). 
" class="wp-image-131302" srcset="https://cdn.thebittimes.com/images/2023/10/04/c5e57f9b843731604354cac626c412b7.webp 564w, https://cdn.thebittimes.com/images/2023/10/04/c5e57f9b843731604354cac626c412b7.webp 300w" sizes="(max-width: 564px) 100vw, 564px">
  <figcaption class="wp-element-caption">
   XRP stats: Market Cap, Volume (24h), and Volume/Market cap (24h). Source: <em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <p class="paragraph">Despite this high volume of XRP changing hands in the spot market, the cryptocurrency created by Ripple is now seeing a massive spike in demand for derivative contracts, which gets more meaningful as both Bitcoin’s (BTC) and Ethereum’s (ETH) derivatives volume have plummeted around 30% in the same period.</p>
 <h2 class="wp-block-heading" id="h-xrp-derivatives-with-increased-trading-demand">XRP derivatives with increased trading demand</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/7f6cd2bdb65d0aadac13d5d8d36e6ed2.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-cryptocurrencies-to-use-for-efficient-remittances-worldwide">3 cryptocurrencies to use for efficient remittances worldwide</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/c8bae6ff5159406553b7cd90d0983248.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="xrp-price-prediction-as-ripple-secures-crypto-license-in-singapore">XRP price prediction as Ripple secures crypto license in Singapore</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/d1d925a7ce9c2acb5de2e1db68ed3b1b.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="judge-rejects-sec-s-interlocutory-appeal-request-v-ripple">Judge rejects SEC’s interlocutory appeal request v. Ripple</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/34c469218009b56302cd669a6bf782f4.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-keeps-20-of-1-billion-tokens-unlocked-this-month-xrp-price-impact">Ripple keeps 20% of 1 billion tokens unlocked this month; XRP price impact</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/04/e3f22f7f08af77eb8dfa45d19e353117.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ripple-v-sec-case-update-as-of-october-2-2023">Ripple v. SEC case update as of October 2, 2023</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">While XRP gets a 185% <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> increase, the two leading projects by market cap are seeing <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> losses of 35% and 29%, respectively, in the crypto <a rel="noopener noreferrer nofollow" title="derivative" href="https://thebittimes.com/tag/derivative.html">derivative</a>s trend index by <em>CoinGlass</em>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="400" src="https://cdn.thebittimes.com/images/2023/10/04/3685ed098b8748e763960954ce1df34c.webp" alt="Crypto Derivatives Trend. XRP, BTC, ETH" class="wp-image-131303" srcset="https://cdn.thebittimes.com/images/2023/10/04/3685ed098b8748e763960954ce1df34c.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/3685ed098b8748e763960954ce1df34c.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/3685ed098b8748e763960954ce1df34c.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/3685ed098b8748e763960954ce1df34c.webp 1286w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Crypto Derivatives Trend. Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Therefore, it means that crypto traders are mostly migrating their derivatives operations towards Ripple’s token, instead of other competitors.</p>
 <p class="paragraph">At the time of publication, XRP derivatives registered a total flow of $3.16 billion, being twice as high as the already highlighted spot exchange volume. This amount also corresponds to three times less ETH’s 24-hour derivatives volume, in a divergence related to both cryptocurrencies’ market cap.</p>
 <p class="paragraph">Interestingly, as the Open Interest volume increases, XRP investors could possibly expect another price surge for the token, as both metrics seem fairly correlated according to a chart also retrieved from <em>CoinGlass</em>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="245" src="https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp" alt="XRP Futures Open Interest (USD)." class="wp-image-131304" srcset="https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp 1024w, https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp 300w, https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp 768w, https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp 1536w, https://cdn.thebittimes.com/images/2023/10/04/0db706b61e3e11c685007114e42d8b66.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   XRP Futures Open Interest (USD). Source: <em>CoinGlass</em>
  </figcaption>
 </figure>
 <p class="paragraph">Nevertheless, historical correlation does not necessarily mean that the price will continue to follow this metric. Derivatives data also suggests that there are more traders opening short positions, than long positions right now.</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/xrp-derivatives-volume-surges-by-185-here-s-what-it-means-tbt65126.html">https://thebittimes.com/xrp-derivatives-volume-surges-by-185-here-s-what-it-means-tbt65126.html</a></p>

XRP derivatives volume surges by 185%; Here’s what it means

목차

TheBitTimes

2023년 10월 4일에 게재된 다른 기사

Validation Cloud Brings Unmatched Infrastructure Performance to Hyperledger, Meeting Enterprise D...

XRP Sees Promising Rebound with a 4% Surge: Key Drivers Behind the Rally

Bridging to Shibarium: A Step-by-Step Guide for the Marswap and ShibArmy Community

New Crypto Bitcoin BSC Price Explodes 50%, Hits $30m Market Cap as Crypto Traders Pile In to Buy ...

U.S. Judge Rejected the SEC's Motion to Appeal $XRP Rulling in Ripple Case

BDOGE Token Rockets 1,000% and This Meme Coin Could Be the Next to Boom – Is the Hype Real?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!