XRP Futures Trading Tops $64.6B, Reaches Highest Level Since February
XRP futures trading experienced a significant surge in August, reaching its highest level since February. According to data from CryptoQuant, the combined volume on major exchanges Binance, Bybit, and OKX exceeded $64.6 billion during the month.
Binance led the way with approximately $37 billion in XRP contracts traded, followed by Bybit at $14.54 billion and OKX at $12.88 billion. This marked XRP's busiest futures month in six months.
The increase in trading activity was mirrored in spot markets as well, with XRP reaching its highest level of spot activity since February. Binance handled about $7.28 billion in XRP trades, followed by Upbit at $4.68 billion and Bithumb Korea at nearly $2.59 billion.
Crypto analyst ChartNerd noted that while technical signals remained mixed, the 20-week weighted exponential moving average (WEMA) near $1.29 now acts as support for XRP. However, continued weakness below the 50-week level could lead to a deeper correction.