XRP Derivatives Market Sees Biggest Sell-Off of Year

XRP's derivatives market has seen its biggest sell-off of the year, with net taker volume on Binance falling to -$96 million. This is the strongest selling push the market has seen so far this year.

The timing of this event is interesting, as it comes after XRP recently recovered from its latest lows with strength. The futures flow in the derivatives market is seller-dominated, with more traders hitting the sell side than waiting for buyers to come to them.

This trend fits with the pressure already visible in Binance net taker volume. Meanwhile, the average order size of XRP's futures has shown large whale orders coinciding with the price rebound, implying that the market does not entirely consist of smaller participants right now.