XRP Futures Trading Sees Biggest Month in Six Months

XRP futures trading experienced its biggest month in six months, according to data from CryptoQuant. The surge in volume was led by Binance, which handled roughly $37 billion in XRP futures trades during August.

The total volume across three exchanges topped $64.6 billion, with Bybit and OKX coming in second and third respectively. This marked the strongest activity since February, as XRP futures trading had been running at lower levels.

The price of XRP also played a role in the increased activity, climbing nearly 30% during August from $1.06 to a high of $1.50 on August 24 before ending at $1.35.

However, some caution is needed as Crypto analyst ChartNerd noted that XRP has stayed below its 50-week WEMA for three straight weeks, while the weekly Stoch RSI remains overbought. The 20-week WEMA at $1.29 is now the support level.