Bitrue, an XRP-focused exchange, has seen a massive upswing in the holdings of XRP futures by its platform users.
Within the span of just two days, the total value of XRP futures on Bitrue has gone from around $200 million to an astonishing $800 million, signifying the immense appetite for the cryptocurrency and vehement belief in its future.
The information regarding the drastic surge in XRP futures holdings on their platform was emailed to Bitrue users, and Cowboy Crypto, a XRP community influencer, sparked additional interest by sharing the news tweet.
More tellingly, 88% of those holding XRP futures on Braitrue had made long positions — demonstrating total faith in the future possibilities of the token.
All this doesn’t underestimate the prolific surge in XRP trading volume. On the Bitrue platform, the spot trading for XRP was centred around US 47.8 million in the past 24 hours, and the perpetual market achieved an unprecedented share with XRP/USDT, garnering 1.13 billion in the stated time frame.
The direction obtained from the ruling imposed by Judge Talanova Torres declaring XRP not a security in the tug-of-war between Ripple and The SEC, enticed skyrocketing bullish sentiment towards XRP. In one day, the underlying price rallied over 99%, upscaling from a $0.11710 figure to $0.9380.
The reclaim proved to be a catalyst for several institutions to initialize forth with relisting XRP, restoring investor’s utmost enthusiasm and bathing activity in the market with the result of dizzying peaks in 24hr trading volume subsequent to that very day.
XRP clocked in and all-time high of no less than 10.4 billion and was inalterably cementing a path of meteoric potential to walk enshrined within yet another promising remark surrounding its efficiency among traders hovering around a 60% 7-day expanse.
At the transaction of this report, XRP garners $0.7601 and has increased by 3.45% within the day’s 24hr lifespan, signalling only great prospects for it in the near future.
Robert Dufore categorically summarized the viewpoint, “Though all eyes are eagerly fixed on the ascending developments, the markets $800 million holdings of XRP futures reflect monumental traction for the token and are in tandem with the overwhelming sentiment among traders to project its value at least a few levels further.”
