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$XRP volume rose on the spot and derivatives markets as traders expect a big week ahead in economic data.
According to CoinMarketCap data, $XRP trading volume rose 70% in the last 24 hours to $2.2 billion. Across the derivatives market, $XRP volumes rose 67% in the last 24 hours to $3.22 billion, according to CoinGlass data.
U.S. inflation data is the major catalyst to watch this week, as it could move the needle on market sentiment and Federal Reserve interest rate cut potential.
Investors are looking ahead to a busy week of economic data, including February inflation data on Wednesday. The U.S. CPI and Core CPI data is expected on March 11. The personal consumption expenditures index and JOLTs job opening figures for January are expected on Friday.
Additionally, Federal Reserve officials are currently in their premeeting period ahead of the March interest rate decision.
$360 million in total liquidations
The crypto market saw whipsaw action on Monday as prices fell previously in response to macro concerns. This was, however, reversed, with most cryptocurrencies — including $XRP — returning to trade in the green.
The zigzag price action caught both bullish and bearish traders unawares as both were liquidated almost equally.
According to CoinGlass data, $360 million in crypto positions were liquidated; longs accounted for $207 million, while shorts came in at $153 million.
At the time of writing, $XRP was trading up 0.63% in the last 24 hours to $1.35, following a four-day drop in the past week.
The cautious mood that has dominated crypto markets since prices started crashing in October has not lifted, with most cryptocurrencies staying at the lower part of their trading range.
The lack of conviction in a sustained crypto rally is indicated by exchange-traded funds flows that turned negative again at the end of last week.