XRP and Shiba Inu (SHIB) Top This Key Metric

A surge in trading activity for Shiba Inu (SHIB) and XRP has propelled them to the forefront of Bitrue’s most-traded futures contracts this week. This development reflects a growing interest in both cryptocurrencies within the digital asset market.

SHIB and XRP have joined the ranks of established players like Bitcoin (BTC), Solana (SOL), and Ethereum (ETH) on the Singapore-based exchange, signifying a dynamic market with significant investor participation.

Read Also: Bitrue Users Drive XRP Demand with $800 Million Worth of Holdings; 88% Remain Bullish 

XRP Trading Activity

XRP’s recent performance on futures exchanges has been particularly noteworthy. According to the from Coinglass, XRP’s futures trading volume experienced a significant increase of 9.54% this week, reaching a total of $595.22 million across all platforms. Furthermore, open interest for XRP futures contracts also witnessed a slight uptick of 2.25%, climbing to $636.34 million.

Looking deeper into XRP’s trading metrics, a long/short ratio of 0.9916 over the past 24 hours suggests a slight prevalence of short positions compared to long ones. This trend is further corroborated by XRP’s negative funding rate of 0.0157%.

Examining liquidation data for XRP futures contracts reveals a significant level of activity on exchanges. Bybit exchange recorded the highest volume of long liquidations at $90.16K, followed by Binance at $49.16K. As of this writing, the price of XRP stands at $0.5295, representing a minor decrease of 1.32% within the last day.

Shiba Inu on the Rise

Shiba Inu has also exhibited promising trading activity on Bitrue’s futures market. Coinglass data indicates a noteworthy increase of 17.81% in SHIB’s trading volume this week, reaching a total of $120.50 million. Open interest for SHIB futures contracts mirrored this trend, surging by 10.95% to $92.12 million. Similar to XRP, SHIB’s long/short ratio over the past 24 hours sits at 0.8615, indicating a dominance of short positions.

Read Also: Bloomberg Analyst Shares Requirements for XRP Spot ETF Approval

The total liquidation value for SHIB futures contracts amounted to $139.58K, with short liquidations comprising the majority at $111.21K. CoinEx exchange witnessed the highest volume of short liquidations for SHIB at $44.85K. At the time of publication, the price of SHIB is trading at $0.00002559.

The surge in trading activity for SHIB and XRP futures contracts on Bitrue underscores a growing investor interest in these cryptocurrencies. With both coins joining the ranks of top-traded assets on the exchange, this development suggests a potentially dynamic market for these digital assets in the coming weeks.

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