XRP Futures Volume Hits Six Month High

XRP saw its strongest month of derivatives activity since February. August data shows that futures volume climbed significantly, with major exchanges Binance, Bybit, and OKX handling over 64 billion dollars in trades combined. Binance led the pack, contributing 37 billion dollars to that total as interest in the asset grew.

This spike in trading followed a strong price performance. XRP rose nearly 30 percent during the month, moving from around 1.06 dollars to a peak of 1.50 dollars by August 24. Spot trading also hit its highest levels since February, proving that the increased interest was widespread across different types of platforms.

While the trading volume paints a positive picture, some analysts warn that the technical setup remains mixed. XRP has struggled to stay above its 50 week moving average, and indicators suggest the asset could be overbought. Traders are now watching the 1.29 dollar level closely as a key support point.

Meanwhile, institutional investors are showing signs of caution. While XRP exchange traded products kept their winning streak alive for an eighth consecutive week, total inflows slowed down sharply compared to the previous period. Investors pulled over 7 million dollars from these products on Wednesday, marking the first daily outflow since early August.