A surge in XRP derivatives trading volume is observed with an impressive 30.36% jump to $9 billion on August 30th, according to Coinglass data. Open interest also rose by 3.03% to reach $7.99 billion, indicating increased market participation. However, the options side saw a slight dip of 1.54% in trading volume but experienced a notable increase of 20.56% in open interest reaching $1.24 million, suggesting more long-term strategies despite current near-term activity being relatively lighter.
The price of XRP is facing pressure as technical indicators reveal increasing volatility. This is indicated by the widening Bollinger Bands on the three-hour chart, signaling a period of heightened market fluctuations. Prices have already tested the lower band at $2.85, indicating potential downside pressure. A recent dip below the $3 level triggered further selling pressure, exacerbating investor uncertainty and prompting caution in the broader market environment.
Veteran trader Peter Brandt has shared his analysis highlighting a descending triangle pattern on XRP charts, which suggests a possible bearish trend if support levels fail to hold.