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$XRP spot volume has more than doubled in the past 24 hours, highlighting the heightened market activity involving the coin.
Data from Coinglass shows that the $XRP spot volume climbed a staggering 115% to $1.84 billion in the past day. The volume uptick coincided with a price increase, pushing the coin to a high of $1.60 on Tuesday.
Key Points
- $XRP spot volume has more than doubled in the past 24 hours, highlighting the heightened market activity involving the coin.
- Upbit dominated the volume heatmap in the past 24 hours, accounting for $449.4 million of the total volume.
- $XRP accounts for 18.06% of Upbit’s total $2.54 billion 24-hour volume, trouncing Bitcoin’s 11.57% and Ethereum’s 9.64%.
- Several exchanges have seen a net outflow over the past 24 hours, suggesting that market participants are withdrawing their $XRP.
- The derivatives market is also rekindling interest in $XRP, as evidenced by the growth in futures volume and open interest (OI).
$XRP Spot Volume Breakdown
Coinglass data further breaks down the source of this strong market participation. Per the analysis, South Korea’s largest crypto exchange, Upbit, has dominated the volume heatmap in the past 24 hours. The platform accounts for $449.4 million of the total volume, after marking a 131.6% uptick in $XRP-tied spot trading activity in the past day.
Interestingly, CoinGecko shows that Upbit has recorded an 80.6% rise in 24-hour trading volume to $2.54 billion. $XRP accounts for 18.06% of this total volume, trouncing Bitcoin’s 11.57% and Ethereum’s 9.64%. This reemphasizes the level of interest $XRP receives from South Korea and the broader Asian market.
After Upbit, Binance comes next with a 24-hour trading volume of $404 million, up 95% in the past day. Others, like Coinbase and Bybit, also account for a large share of $XRP’s trading volume, at $283 million and $114.3 million, respectively.
What Could Happen as $XRP Volume Explodes
This is particularly interesting because spot volume usually shows increased market attention towards an asset. When this aligns with a price uptrend, it suggests that the growth is fueled by real ecosystem traction, paving the way for further upside in price.
For $XRP, the spot volume growth signifies that buying pressure is active. If this persists, it could be the catalyst for a sustained price move higher. $XRP has already shown this prospect with its 14% increase in 48 hours to $1.60, highlighting how market activity and broader momentum can spark major price shifts.
Net Inflow Strengthens Accumulation
Meanwhile, the Coinglass net inflow heatmap also highlights growing accumulation efforts among spot holders. Several exchanges have seen a net outflow over the past 24 hours, suggesting that market participants are withdrawing their $XRP from these platforms rather than depositing it.
Upbit leads this shift to self-custody with a $26.80 million net outflow in the past 24 hours. Coinbase and Gate also saw negative net flows of $9.85 million and $3.40 million, while Binance saw net inflows of $6.18 million.
OI and Futures Volume Increase Signals Derivative Interest
Notably, the derivatives market is also rekindling interest in $XRP, as evidenced by growth in futures volume and open interest (OI). Data shows that $XRP open interest grew 3.45% in the past 24 hours to $2.87 billion.
Additionally, the $XRP futures volume spiked 80.3% in the past 24 hours to $7.31 billion. With the taker buy volume slightly higher at 50.36%, the futures volume is positively skewed, with long bets exceeding short bets.
Putting all of these together highlights the positive sentiment around $XRP. With network activity hitting a 5-week high on Monday, optimism about further price growth remains high among market analysts.
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