XRP price rose to its highest level in two months on Friday, signaling strong bullish momentum as it breached the $2.50 mark. The digital asset reached a daily high of $2.61, marking its highest point since March 6, according to recent market data.
The cryptocurrency posted gains of 4% over the 24 hours to 07:00 ET and is up 6% over the last week.
Trading activity for XRP saw a dramatic increase. The 24-hour spot trading volume surged to $10.83 billion, showcasing a 193.5% increase compared to the previous day.
Derivatives trading showed even more impressive numbers. Trading volume in XRP derivatives showed a 237.27% increase, reaching $19.4 billion. Meanwhile, open interest climbed 13.55% to $5.23 billion, based on data from Coinglass.
This heating up of the derivatives market is quickly adding to the bullish case for XRP in the short term.
As the third-largest cryptocurrency by market capitalization,
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