XRP futures surge past Solana! $3.28 billion giant, can it shake the $3.50 barrier?
XRP futures soar, institutions are active, but selling pressure cannot be ignored!
Recently, the futures trading volume and open interest of XRP have seen explosive growth, greatly boosting market bullish sentiment, and everyone is full of expectations for XRP!
However, the market is not entirely sunny—billions of dollars in custody funds have been unlocked and transferred to unknown wallets, which may create some selling pressure on XRP, leading traders to adopt a cautious stance on further price increases. ⚠️
Specifically, on August 10, XRP closed at $3.1879 on the chart, but saw a 3.8% drop that day.
Although XRP briefly rebounded after the news of the SEC withdrawing its lawsuit against Ripple Labs, it soon experienced a pullback, and the market has been somewhat volatile.
However, it is worth mentioning that institutional activity remains very active. For instance, Remittix recently launched a bounty project worth $18.5 million with the aim of completely revamping its payment system, which shows that market confidence in the XRP ecosystem remains strong.
In general, XRP is currently in a relatively delicate phase: on one hand, there are bullish futures data and institutional activity, while on the other hand, there is pressure from the significant fund unlocks that cannot be ignored. Friends in the crypto space, be extra careful when operating, seize opportunities while also being mindful of risks!
Futures frenzy ignites bullish tide for XRP, surpassing Solana, becoming the market focus!
XRP's recent performance has been explosive! In the past 24 hours, XRP's futures trading volume surged an astonishing 207.74% to $12.4 billion, directly surpassing Solana's $9.6 billion, securing the top position!
Not only that, but XRP's open interest has also increased by 15.02%, reaching $5.9 billion, which far surpasses the open interest of major coins like Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), and Toncoin (TON). While these coins all have open interests exceeding $1 billion, they pale in comparison to XRP's explosive growth.
Interestingly, the financing rate for XRP has turned positive, meaning buyers might be 'giving money' to shorts to stabilize their positions. This phenomenon usually indicates that the market is very bullish, and everyone is quite optimistic about XRP's future!
This wave of data not only shows the activity level in the XRP market but also indicates that investor confidence is steadily increasing. Whether it's the explosion in trading volume or the increase in open interest, both are providing strong support for XRP's subsequent rise.
However, investing carries risks, especially when leverage trading is high. Everyone should remember to control risks well and plan reasonably to seize opportunities steadily amid this frenzy.
In summary, the futures market for XRP is stirring up a storm, firing on all cylinders, and the subsequent trends deserve close attention!
Due to this momentum, XRP has become the third highest cryptocurrency in terms of liquidation volume in 24 hours (excluding stablecoins).
High-leverage short positions face great risks, and XRP may welcome a short squeeze! ⚠️
Recently, bullish signals for XRP have been constant, resulting in high-leverage shorts worth approximately $150 million being on the brink of liquidation! The opening prices for these shorts are concentrated between $3.27 and $3.37, and once the price is firmly controlled by the bulls, they may be forced to cover, creating a short squeeze effect.
If a short squeeze really occurs, XRP's price is expected to strongly break through the critical $3.50 barrier, opening up new upward space! As of now, the number of positions has slightly decreased, indicating that more and more traders are leaning towards bullishness with great confidence.
However, while bullish sentiment is high, the scale of long positions does not seem to fully cover the selling pressure, and there remains a certain risk of market volatility. Everyone should remember to stay calm and manage risks appropriately when entering the market!
Overall, XRP is at a critical turning point, whether it can break through $3.50, we will wait and see!
$3.28 billion XRP custody unlocked! Is there a supply shock concern coming? ⚠️
On August 9, over $3.28 billion of XRP was unlocked from custody accounts, becoming the focus of the recent market! According to Whale Alert, this huge amount of funds was split into three batches of transactions, namely $1.64 billion, $328 million, and $1.32 billion. Such a 'mass migration of funds' has attracted widespread attention in the market.
These unlocked XRP have been transferred to unknown wallets, meaning more coins will flow into the market, increasing the circulating supply and inevitably bringing a certain amount of selling pressure. Past experience shows that such large-scale unlocks often put pressure on XRP prices, especially when market demand does not keep up with supply, increasing the risk of price declines.
Source: X
Although bullish signals currently dominate, the large-scale release of custody funds has added a lot of uncertainty to the market. Many traders, therefore, choose to stay on the sidelines, preferring to wait for clearer breakout or pullback signals before deciding whether to increase positions.
In simple terms, this unlocked fund is like a time bomb that could trigger a 'quake' on the supply side at any moment, causing drastic fluctuations in XRP's price. For those who like to chase uptrends, it’s wise to be cautious and not get caught off guard by large fund movements!
In conclusion: XRP's current trend is still lively, but the release of huge custody funds has made the market more exciting yet more complex. Everyone should pay close attention to capital flow and market changes when operating, adjusting strategies in a timely manner to stand firm amid this volatility!