Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Binance handled roughly $37 billion in XRP futures trades during August and helped push total volume across three exchanges above $64.6 billion.
ByChayanika Deka
XRP futures trading had a much busier August as volume climbed to its highest level in six months. This marked the strongest activity since February, according to data shared by CryptoQuant.
The jump was not limited to one exchange.
August Volume Surges
Activity increased across some of the biggest names in crypto, which brought more liquidity and interest back into the XRP derivatives market. CryptoQuant found that Binance dominated the market. The exchange recorded roughly $37 billion in XRP futures volume during August. Bybit was a distant second at around $14.54 billion, followed by OKX at approximately $12.88 billion.
These three exchanges alone handled more than $64.6 billion worth of XRP futures trades during the month.
The change is especially noticeable as XRP futures activity had been running at lower levels, but August brought traders back in a much bigger way. The stronger price action around the crypto asset likely played a role here. It climbed nearly 30%, rising from $1.06 at the start of the month to a high of $1.50 on August 24 before ending at $1.35.
Alongside futures, spot trading volume also reached its highest level since February. Binance, as usual, accounted for the biggest share, posting around $7.28 billion in XRP trades. Next up was Upbit with $4.68 billion, while Bithumb Korea posted nearly $2.59 billion. Bybit, Gate.io, and KuCoin trailed with roughly $1.4 billion, $1.33 billion, and $1.23 billion, respectively. Bitget and Coinbase each came in just below the $1 billion mark.
However, the technical picture is less convincing. 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. A continued break below the 50 could lead to a deeper correction.
Source: cryptopotato.com