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In a notable market shift, the trading volume of derivatives on the popular&nbsp;<a href="https://u.today/bitcoin-btc-makes-crucial-move" rel="noopener noreferrer nofollow">cryptocurrency</a> XRP has soared by an astonishing 93% within the last 24 hours, according to recent data from&nbsp;<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>.
This surge is highlighted by a notable increase in turnover of perpetual futures on XRP climbing to $661.08 million. At the same time, the spot market for XRP experienced a 68% increase in trading volume, reaching an impressive $800 million.
This combined activity has propelled the total turnover of&nbsp;<a href="https://u.today/ripple-cto-explains-why-they-are-biggest-xrp-sellers" rel="noopener noreferrer nofollow">XRP</a> on centralized platforms to a substantial $1.46 billion within a single day. With XRP's market capitalization at $28.32 billion, the trading volume now represents approximately 5.1% of its total value, suggesting a significant yet not overwhelming level of trading activity.
<h2 dir="ltr" id="bulls-take-l">Bulls take L</h2>
However, the rise in trading activity has been accompanied by a remarkable surge in liquidations of long positions. Over the past 24 hours, a staggering $935,280 million in bullish positions have been liquidated, in stark contrast to the relatively minor $74,580 liquidated from bearish positions.&nbsp;
This divergence of a staggering 1,254% is quite telling of what is happening on the market right now. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="591c01a1-b067-495a-a481-97a4e1504113" src="https://u.today/sites/default/files/inline-images/xrpprice_8.png">Source: <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a>
While the increased activity signals strong investor interest, the significant liquidations of bullish positions indicate a painful correction for many traders. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="5425a0fc-a5c1-4028-b31f-69e76ef76c48" src="https://u.today/sites/default/files/inline-images/xprvolume.png">XRP to USD by <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
As of now, XRP is priced around $0.50 per token. The chart reveals that the&nbsp;<a href="https://u.today/ripple-v-sec-whats-next-as-legal-battle-rages-on" rel="noopener noreferrer nofollow">XRP price</a> has been quoting within an upward corridor since May 2023, with the upper dynamic resistance now at $0.80 per token. As the token continues to attract attention with its dynamic performance, the market remains on high alert for potential volatility.

XRP Skyrockets 93% in Volume Amid Painful Bull Liquidation

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