The perpetual derivatives market for the seventh largest cryptocurrency soared by over 66% in the last 24 hours.
XRP trading activity surged by over 66% in the last 24 hours, reaching a total derivatives turnover of $1 billion and making XRP the 12th largest token by this measure, according to data from CoinGlass.
This increase was also seen in the spot market, where the total trading volume reached over $1.03 billion, which is 71% higher than the day before. In summary, the total turnover of XRP across all markets was over $2.03 billion.
Calculating a ratio with this figure against the token's market capitalization, we get a result of 6.6%, which means a rather normal and not extraordinary level of engagement in XRP trading.
The increase in trading activity is not only limited to XRP but can also be attributed to the fact that the new week started with optimism among crypto market participants.
This optimism may be due to expectations of an easing of recent geopolitical tensions. As a market with more risk-taking participants, crypto is emerging as the first destination for all of the "hot money."
The surge also coincides with the growth of the XRP price, which is up by more than 1.5% since the beginning of the week and now trades at $0.54.
However, compared to last week's drop worth 16.78%, XRP still has a long way to go to at least recover to levels seen at the end of September. Maybe some news about the XRP ETF will give it an additional boost, but the price chart does not signal anything like that yet.
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