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XRP has clinched the title of the best-performing digital asset among the top 100 by market cap. The token's price soared to $0.7293 after a dramatic 18.9% increase in a 24-hour window.
The Ripple-affiliated cryptocurrency has also experienced a surge in trading volume, which has topped a whopping $5 billion.
Litecoin (LTC) comes in a close second place after adding 18.4%, according to CoinGecko data.
XRP derivatives data
Recent derivatives data reveal a robust bullish sentiment among traders in the XRP market. The trading volume surged by an extraordinary 348.07%, reaching a colossal $5.62 billion.
Open interest, which indicates the total number of outstanding derivative contracts, such as futures and options that have not been settled, also saw a notable increase of 30.44%, standing at $1.06 billion.
Despite a 46.56% decline in options volume, options open interest climbed by 15.02%. This shows that traders are potentially seeing long-term value in holding XRP options.
Among the top exchanges, Binance led with a staggering $366.88 million in XRP futures open interest, followed closely by Bybit with $312.19 million, and Bitget with $157.02 million.
Substantial liquidations
The dramatic increase in XRP's price was not without turbulence since data over various time frames revealed significant liquidations.
Within a single hour, $1.02 million worth of positions were liquidated, highlighting the market's volatility and the risks involved in trading XRP futures.
A deeper look into a 24-hour period showed $9.95 million in liquidations, with a nearly equal distribution between long positions at $4.86 million and short positions at $5.08 million.
This shows a heated market where both bulls and bears faced substantial liquidations.