XRP’s volume in spot and derivatives markets recorded a massive spike in the last 24 hours, amid a session marked by widespread liquidations and macroeconomic data the market continues to monitor closely.
According to CoinMarketCap figures, XRP’s spot trading volume grew 84% over the last 24 hours, reaching $2.62 billion. In the derivatives market, the increase reached 67%, with a volume of $3.22 billion, according to CoinGlass data.
The same provider reported that total crypto liquidations came in around $360 million, with long positions accounting for $207 million and short positions for $153 million, in a zigzag session that caught traders off guard.
The week’s main catalyst will be the release of inflation data in the United States. The Consumer Price Index and core CPI will be published on March 11, while the Personal Consumption Expenditures index and JOLTS job openings figures are expected on the 13th. Federal Reserve officials are also in their blackout period ahead of the March interest rate decision.
XRP is trading at $1.36, up 0.84% over the last 24 hours, after accumulating four consecutive losing sessions during the previous week. The negative flows recorded in exchange-traded funds at last week’s close reflect a lack of conviction in a sustained recovery.
Source: https://coinmarketcap.com/currencies/xrp/
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