XRP futures totally exploded with trading volume smashing a 6 month high last August showing the strongest vibes since February according to CryptoQuant numbers.
Futures Frenzy Takes Over 🦇
The surge hit big across major platforms pumping fresh liquidity into XRP derivatives overall. CryptoQuant spotted Binance crushing it with roughly $37 billion in XRP futures volume for the month. Bybit lagged in second at around $14.54 billion then OKX followed closely at approximately $12.88 billion. These top three platforms alone pushed more than $64.6 billion in total XRP futures trades during August.
Spot Action Heats Up Too 🌙
XRP price action looked extra spicy climbing nearly 30 percent from $1.06 early in the month up to a peak of $1.50 on August 24 before settling at $1.35 which likely pulled traders back in droves 🖤. Spot volumes also climbed to their highest since February with Binance handling the lion share at around $7.28 billion while Upbit hit $4.68 billion and Bithumb Korea reached nearly $2.59 billion. Bybit Gate.io and KuCoin added roughly $1.4 billion $1.33 billion and $1.23 billion each with Bitget and Coinbase each just under the $1 billion mark 💀.
XRP has stayed below its 50-week WEMA for three straight weeks while the weekly Stoch RSI remains overbought. The 20-week WEMA at $1.29 is now the support level. A continued break below the 50 could lead to a deeper correction.
— ChartNerd (@ChartNerdTA) August data tweet
ETF Inflows Slow Their Roll 🕸️
On the institutional side XRP ETF flows stayed green for an eighth straight week yet the momentum clearly cooled pulling in nearly $19 million compared to the prior week massive $110 million blast 🔮. After $5.64 million on August 31 inflows jumped to $14.38 million on September 1 before reversing with a $7.2 million outflow on Wednesday marking the first net pull since August 5. Thursday saw $6.14 million return in fresh flows but Friday showed zero movement at all 👁️.
Just another echo from the void by iconofsin.eth 💖
