XRP Derivatives Volume Soars by over 200%, Could This Signal A Price Breakout?
2023年10月5日 - 7:00AM
NEWSBTC
In a remarkable turn of events, XRP derivatives trading volume has
experienced an astonishing surge of 204% within a mere 24-hour
period. This surge coincides with the recent disclosure by
Judge Torres regarding the denial of the Securities and Exchange
Commission’s (SEC) interlocutory appeal against
Ripple Labs. Judge’s Ruling Against SEC Boosts XRP
Sentiment According to data from Coinglass, a leading
cryptocurrency analytics platform, XRP derivatives trading volume
has witnessed an unprecedented spike, reflecting a significant
increase in market activity. This surge in trading activity
suggests a growing interest in XRP among investors eager to
capitalize on the recent legal developments surrounding Ripple
Labs. Related Reading: Chainlink Creator Expects Mass Crypto
Adoption To Send Market Cap To $10 Trillion To provide further
context, derivatives trading refers to the buying and selling
financial instruments that derive value from an underlying asset,
such as a stock, bond, commodity, or cryptocurrency. These
instruments, known as derivatives, include futures contracts,
options, swaps, and other financial contracts. Derivatives allow
investors to speculate on the underlying asset’s price movements
without owning it directly. A surge in derivatives trading volume
can have significant implications for XRP. Firstly, it indicates
higher market participation and interest in the
cryptocurrency. When more investors and traders actively
engage with XRP through derivatives, it can lead to increased
liquidity and price discovery. Derivatives trading can also
contribute to increased price volatility in XRP. As traders
speculate on the future price of XRP through derivatives contracts,
it can amplify price swings. With higher trading volume,
there is a larger number of participants taking positions on XRP’s
price movement, which can result in more pronounced price
fluctuations. Furthermore, a surge in derivatives trading volume
can reflect growing market sentiment and investor confidence in
XRP. When trading activity increases, it suggests a higher level of
interest and engagement from market participants. With XRP
currently trading at $0.5347, the cryptocurrency has experienced a
notable 4.3% surge in the past 24 hours. The surge in
derivatives trading volume further adds to the growing evidence
that the token could be on the cusp of a significant breakout if
the bullish momentum continues. Poised For Upward Movement?
Renowned crypto analyst Dark Defender recently highlighted that XRP
has exhibited signs of breaking out from its ongoing consolidation
phase given the recent win against the SEC. This occurrence draws
parallels to a previous instance on July 13, with the first ruling
of Judge Torres, during which the token experienced a remarkable
rally of 80%, reaching as high as $0.9343 Drawing insights from
this historical precedent, it is plausible to speculate that XRP
might be gearing up for another upward movement. Dark Defender
emphasizes that traders should keep a close eye on the next
Fibonacci level, which is $0.66. Related Reading: Crypto Drug
Cartel Ties: On-chain Investigator Drags Ethereum Into The Mess
However, XRP must maintain support above $0.50 to attain this
level. This support level is of particular significance as XRP
remained relatively stagnant around it for most of September.
Overall, the recent disclosure by Judge Torres, denying the SEC’s
appeal, has provided a significant boost to Ripple Labs and its
supporters. Furthermore, the news has instilled renewed
optimism within the XRP community, leading many investors to
believe that a total victory for Ripple Labs is now within reach,
possibly just months away. Featured image from Shutterstock, chart
from TradingView.com
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