Upbit Leads as XRP Spot and Futures Volumes Spike in 7 Days

Data shows an upsurge in XRP spot and futures volume over the past seven days, as market users double down on trading the asset.

Interestingly, this volume increase comes despite the current XRP dip. The fourth-largest cryptocurrency by market cap is down 24% YTD, spurred by a 3% and 33% pullback in the past seven and 30 days, respectively.

Key Points

• Data shows a spike in XRP spot and futures volume over the past seven days, as market users double down on the asset.
• The futures volume increased by a staggering $6.88 billion to $57.98 billion, while the XRP spot volume added $1.43 billion to reach $12.06 billion.
• XRP corrected 3.53% in that timeframe to $1.38 at the time of writing, highlighting a discrepancy in the volume and price direction.
• Upbit leads other exchanges, with $3.86 billion in volume traded over the past seven days.

XRP Volume Sees Uptick

Data from Coinglass shows that in the past seven days, futures and spot XRP volume have surged almost 12%. The futures volume increased by a staggering $6.88 billion to $57.98 billion, while the XRP spot volume added $1.43 billion to reach $12.06 billion.

Notably, XRP corrected 3.53% in that timeframe to $1.38 at the time of writing, highlighting a discrepancy in the volume and price direction. A rise in volume usually indicates an increase in user participation. 

This not only confirms that enthusiasts remain interested in XRP amid current uncertainties but also positions the coin for a price shift. Typically, a spike in volume precedes a directional move, and XRP could react to this sooner if momentum persists.

Mixed Signal

The Coinglass data also shows the direction of this volume in both spot and futures. XRP futures volume increased by 10% to $4.92 billion in the past 24 hours, with taker buys accounting for 50.63% of volume. The slightly higher percentage to taker sells’ 49.37% shows a greater skew towards longs over shorts.

For spot, volume spiked 24.6% in the past 24 hours to $1.21 billion. Here, taker sell (51.26%) is slightly higher than taker buy (48.74%), suggesting a slightly more pronounced distribution than accumulation.

The mixed signal suggests that while traders are betting more on an XRP rebound, spot holders are dumping slightly more than buyers are accumulating.

XRP Volume Heatmap

Meanwhile, the Coinglass XRP volume heatmap shows that over the past seven days, Upbit leads other exchanges, with $3.86 billion in volume traded on the South Korean platform. Notably, Upbit has been a major source of XRP trading activity, with its 24-hour volume sometimes outpacing that of Bitcoin and Ethereum.

Binance comes second with $3.01 billion in XRP volume traded in the past seven days. Other notable sources include Coinbase ($2.52 billion) and Gate.io ($1.54 billion).