Crypto
XRP Price Rallies 39% Amid Derivatives Frenzy
XRP has experienced significant gains over the past week, rallying by 39% since August 18. Despite this surge, Binance exchange reserves have remained nearly flat overall.
Long liquidations reached $25.7 million on August 22, the largest single-day total in the past six months. Funding rates cooled from 0.010 to 0.002 across three sessions as open interest fell 13% from its peak.
Total XRP transactions rose by 97% to 2.93 million daily, but transfers to exchanges collapsed. The rally appears driven by derivatives activity rather than exchange supply movement, based on recent on-chain data.