The volume of derivatives on XRP, the seventh largest cryptocurrency, increased by over 130% in a day. Trading activity in perpetual futures reached $1.19 billion, more than double the previous day's amount. The spot market turnover for XRP also rose by 108.04% to $1.3 billion. However, when comparing the volume to market cap, the ratio is 8%, indicating high but not extraordinary trader engagement. This surge in trading activity coincides with a crucial test for XRP's price amidst a broader cryptocurrency market pullback. The price of XRP has reached a key support level and has managed to hold above it, suggesting buyer interest. However, it was rejected at $0.56, where the 50-day MA is located, resulting in XRP being stuck in a tight range between $0.54 and $0.56.



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