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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

XRP Derivatives Volume Soars by over 200%, Could This Signal A Price Breakout?

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read

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In a remarkable turn of events, XRP derivatives trading volume has experienced an astonishing surge of 204% within a mere 24-hour period. This surge coincides with the recent disclosure by Judge Torres regarding the denial of the Securities and Exchange Commission’s (SEC) interlocutory appeal against Ripple Labs. 

Judge’s Ruling Against SEC Boosts XRP Sentiment

According to data from Coinglass, a leading cryptocurrency analytics platform, XRP derivatives trading volume has witnessed an unprecedented spike, reflecting a significant increase in market activity. 

XRP
XRP derivative surge in the past 24 hours. Source: Coinglass.

This surge in trading activity suggests a growing interest in XRP among investors eager to capitalize on the recent legal developments surrounding Ripple Labs.

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To provide further context, derivatives trading refers to the buying and selling financial instruments that derive value from an underlying asset, such as a stock, bond, commodity, or cryptocurrency. 

These instruments, known as derivatives, include futures contracts, options, swaps, and other financial contracts. Derivatives allow investors to speculate on the underlying asset’s price movements without owning it directly.

A surge in derivatives trading volume can have significant implications for XRP. Firstly, it indicates higher market participation and interest in the cryptocurrency. 

When more investors and traders actively engage with XRP through derivatives, it can lead to increased liquidity and price discovery.

Derivatives trading can also contribute to increased price volatility in XRP. As traders speculate on the future price of XRP through derivatives contracts, it can amplify price swings. 

With higher trading volume, there is a larger number of participants taking positions on XRP’s price movement, which can result in more pronounced price fluctuations.

Furthermore, a surge in derivatives trading volume can reflect growing market sentiment and investor confidence in XRP. When trading activity increases, it suggests a higher level of interest and engagement from market participants. 

XRP
XRP’s uptrend on the daily chart. Source: XRPUSDT on TradingView.com

With XRP currently trading at $0.5347, the cryptocurrency has experienced a notable 4.3% surge in the past 24 hours. 

The surge in derivatives trading volume further adds to the growing evidence that the token could be on the cusp of a significant breakout if the bullish momentum continues.

Poised For Upward Movement?

Renowned crypto analyst Dark Defender recently highlighted that XRP has exhibited signs of breaking out from its ongoing consolidation phase given the recent win against the SEC.

This occurrence draws parallels to a previous instance on July 13, with the first ruling of Judge Torres, during which the token experienced a remarkable rally of 80%, reaching as high as $0.9343

XRP
Initial resistance at the $0.66 level for XRP if a further price breakout occurs. Source: DarkDefender on X.

Drawing insights from this historical precedent, it is plausible to speculate that XRP might be gearing up for another upward movement. Dark Defender emphasizes that traders should keep a close eye on the next Fibonacci level, which is $0.66. 

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However, XRP must maintain support above $0.50 to attain this level. This support level is of particular significance as XRP remained relatively stagnant around it for most of September.

Overall, the recent disclosure by Judge Torres, denying the SEC’s appeal, has provided a significant boost to Ripple Labs and its supporters. 

Furthermore, the news has instilled renewed optimism within the XRP community, leading many investors to believe that a total victory for Ripple Labs is now within reach, possibly just months away.

Featured image from Shutterstock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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