XRP futures trading activity surged in August, marking the highest volume in six months. According to data from CryptoQuant, the three largest exchanges handling XRP derivatives recorded significant trading across the month.
Binance dominated the market with approximately $37 billion in XRP futures volume during August. Bybit followed at around $14.54 billion, while OKX recorded approximately $12.88 billion. Combined, these three exchanges processed more than $64.6 billion in XRP futures trades.
The surge in derivatives trading was accompanied by increased spot trading activity. Spot volume reached its highest level since February, with Binance leading at around $7.28 billion in XRP trades. Other major platforms including Upbit, Bithumb Korea, Bybit, Gate.io, KuCoin, Bitget, and Coinbase also reported significant spot trading volumes during the period.
XRP's price movement during August contributed to the increased trading interest. The asset climbed nearly 30%, rising from $1.06 at the start of the month to a high of $1.50 on August 24, before settling at $1.35 by month's end.
Technical indicators present a more cautious picture. XRP has remained below its 50-week weighted exponential moving average for three consecutive weeks, while the weekly Stochastic RSI has entered overbought territory. The 20-week weighted exponential moving average at $1.29 currently serves as the support level.
On the institutional investment front, XRP exchange-traded funds attracted nearly $19 million over the latest period, extending their winning streak to eight consecutive weeks. However, this represented a significant slowdown compared to the previous week, when inflows topped $110 million.
