XRP Records Highest Active Perpetual Futures Contracts in 3 Months
thecryptobasic.com 31 July 2024 15:30, UTC Demand for XRP hits greater heights, as reflected by the substantial rise in active futures contracts for the token.
XRP has continued to maintain its upward trajectory in the past few days. Despite the declines across the broader crypto market, XRP has remained above the $0.6 price territory.
At press time, XRP is trading at $0.6505 per token, reflecting a daily increase of 3.46% and a weekly surge of 4.93%. Similarly, XRP has witnessed a remarkable growth of 37.99% in the monthly charts.
Active XRP Perpetual Futures Hits 1.5 Billion XRP
Interestingly, XRP’s remarkable performance has extended to the derivatives market, where the token has recorded a jaw-dropping surge in activity.
Data from Coinglass shows that the number of active perpetual futures contracts for XRP has reached a staggering 1.5 billion XRP. The figure represents the highest recorded since April 20, 2024, over three months ago.
XRP Sees Surging Demand as Its Funding Rates Enter Positive Territory
Furthermore, Coinglass also indicates that XRP’s funding rates have been positive across various crypto exchanges, including Binance, OKX, and Kraken. The token boasts a funding rate of 0.0046% in the hours leading up to press time.
A positive funding rate suggests that there is increased demand for XRP long positions as traders anticipate a potential surge in price. In the meantime, XRP trading volume in the derivatives market has increased by 53.2% over the past 24 hours to $4.87 billion.
In particular, Binance, Bitget, and Bybit rank as the top three exchanges with the largest XRP derivatives trading volume. While Binance boasts a volume of $1.7 billion in XRP derivatives over the past 24 hours, Bitget and Bybit’s volumes stand at $1.18 billion and $875 million, respectively.
Meanwhile, XRP also witnessed a surging volume in the spot market, marking a daily increase of 32.95% to $2.43 billion.
In the meantime, XRP investors are closely watching the SEC’s upcoming closed-door meeting slated for August 1. Some community members speculate that the SEC might finally agree to settle its multi-year lawsuit with Ripple at the meeting.
Like every positive development in the lawsuit, a potential settlement could pave the way for a significant XRP price rally. Nonetheless, whether the SEC will agree to settle with Ripple after the meeting remains to be seen.
