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The XRP currency has been extremely active on the futures market of the “BitMEX” platform, coinciding with the violent fluctuations in the digital currency market over the past 24 hours.
According to CoinGlass data, XRP futures contract trading volume on BitMEX surged 5,419% to $82.27 million, even as the price fell amid a broader sell-off.
Despite a significant increase in derivatives activity, XRP continues to underperform; the price fell by approximately 0.78% to $1.59 in 24 hours, while the weekly decline reached 17%.
Meanwhile, CoinGlass data shows that interest in most currencies has declined, including XRP, whose open interest fell 3.93% to $2.66 billion, reflecting shrinking open interest despite increased trading volume.
At the development level, the activation of an “Allowed Domains” revision on the “XRP Ledger” main network was announced, an update designed to support institutional adoption and promote more regulatory-compliant usage by creating compliance and regulatory zones within the network.
For the market as a whole, losses deepened this week as investors continued to exit riskier assets, especially after the partial U.S. government shutdown delayed the release of important economic data.
In addition to liquidation pressures in the futures market, concerns have grown amid continued uncertainty over legislation governing the cryptocurrency industry.
According to CoinGecko statistics, since January 29, the total market value of digital currencies has lost approximately US$467.6 billion.
CoinGlass also showed that more than $704 million worth of bets were liquidated in the past 24 hours, bringing the total liquidations since January 29 to more than $6.67 billion.
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