According to U.Today, the trading volume of XRP derivatives has seen a significant increase of 60% in the last 24 hours. The data from CoinGlass reveals that this surge is primarily due to a substantial rise in the turnover of perpetual XRP futures, which hit a staggering $2 billion. Concurrently, the spot market trading volume of XRP also rose by 18.40%, reaching $1.75 billion.
These figures combined have resulted in a total turnover of XRP on centralized platforms amounting to an impressive $3.75 billion in a single day. Considering the token's market capitalization stands at $29.5 billion, the trading volume now represents approximately 12.71% of the total value, indicating a high level of trading activity.
In addition to the trading volume, the price of XRP against Bitcoin also increased by more than 3% today. The cryptocurrency is currently trading at 0.00000785 BTC. In dollar terms, this growth is characterized by XRP's price increase of over 3%, while Bitcoin's price fell by 1.26%. This divergence is largely attributed to the recent market decline, which led to the liquidation of positions worth $119.85 million in the last few hours.
The positive momentum of XRP is further fueled by Coinbase's decision to add the token to its platform. This move marks the first time the cryptocurrency will be available to New Yorkers since its removal in 2021 amid Ripple's legal battle with the SEC. This development has significantly enhanced XRP's market presence and trading activity.