Crypto
XRP Price Surges as Derivatives Activity Weakens
XRP's derivatives activity has weakened on exchanges despite its price trading above August lows. Rising liquidity on Binance suggests more market activity.
CryptoQuant author Amr Taha noted that XRP open interest on Bybit changed sharply from growing in August to falling in September.
On August 18, XRP's open interest on Bybit had increased by about 61 million XRP over the previous 30 days. By September 12, it had dropped to -37.5 million XRP, a swing of about 98.5 million XRP in just 25 days.
This shows a clear difference between XRP's price and derivatives activity. While XRP's price increased by more than a third, the amount of open derivatives positions fell significantly.