XRP futures volume has skyrocketed to its highest level in six months as traders return to the market in force.
CryptoQuant has shown that XRP futures trading activity in August reached its strongest level since February.
Liquidity has seemingly returned to XRP derivatives following a quieter stretch.
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This is not necessarily a bullish sign for the popular altcoin, but it is a notable development nonetheless.
Binance remains in the lead
Binance accounted for by far the largest share of XRP futures activity during August.
According to the CryptoQuant analysis, approximately $37 billion worth of XRP futures changed hands on Binance during the month.
This coincided with a substantially stronger month for XRP itself. CoinGlass data cited in the report showed the cryptocurrency gaining more than 36% over the previous 30 days.
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There has been renewed speculative interest around XRP following months of comparatively subdued activity.
The derivatives market is highly active
Fresh CoinGlass data also shows that XRP remains one of the more heavily traded assets in the derivatives market.
XRP futures generated approximately $3.45 billion in trading volume over the latest 24-hour period.
That means derivatives activity was more than five times larger than spot trading over the same period.
Open interest stood at approximately $3.12 billion. Binance accounts for roughly $879 million in XRP/USDT volume in the latest snapshot.
Leaning towards longs
Several major exchanges are currently showing a clear long bias among XRP traders.
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The Binance XRP/USDT long-to-short account ratio stood at roughly 2.29, according to CoinGlass. On OKX, the comparable ratio was even higher at around 2.44.
Binances top-trader account ratio reached approximately 2.71.