XRP Surges to the Top: Best Performing Asset with $5B Volume Surge

• XRP emerges as the top-performing cryptocurrency, with a remarkable 18.9% surge in price, reaching $0.7293.
• XRP derivatives market witnessed a surge in trading volume, hitting a monumental $5.62 billion.
• Significant liquidations totaling $9.95 million within 24 hours highlight the volatility and risk inherent in trading XRP futures.

XRP has emerged as the top-performing digital asset among the leading 100 by market capitalization, marking a significant milestone in its recent price surge.

The token saw an impressive 18.9% increase, propelling its price to $0.7293 within a 24-hour period. This surge also coincided with a substantial increase in trading volume, exceeding $5 billion. Litecoin (LTC) closely followed XRP’s lead, securing the second position with an 18.4% gain.

Derivatives data for XRP indicates a strong bullish sentiment among traders. Trading volume for derivatives surged by an astonishing 348.07%, reaching a staggering $5.62 billion. Open interest, which represents the total number of outstanding derivative contracts, surged by 30.44%, reaching $1.06 billion.

Despite a 46.56% decline in options volume, the open interest for options rose by 15.02%, suggesting that traders are finding long-term value in holding XRP options. In terms of exchanges, Binance led the way with $366.88 million in XRP futures open interest, followed closely by Bybit with $312.19 million, and Bitget with $157.02 million.

However, the surge in XRP’s price was accompanied by significant liquidations, indicating the market’s volatility. Within one hour, liquidations totaled $1.02 million, highlighting the risks associated with trading XRP futures. Over a 24-hour period, liquidations reached $9.95 million, with both long and short positions facing substantial liquidations.

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