Just In: Bitrue Users Hold XRP Holdings Worth Whopping $800M!

Bitrue, a prominent crypto exchange, has witnessed a significant increase in XRP futures holdings by its users, holding a staggering $800 million worth of XRP, with an overwhelming 88% of users taking long positions on the cryptocurrency. In just two days, the total value of XRP holdings on the platform surged by over 300%.

According to an email sent to Bitrue users, the notional value of open interest on the platform skyrocketed from under $200 million to an astounding $800 million. This surge reflects the bullish sentiment surrounding XRP, with a remarkable 88% of Bitrue users taking long positions on the cryptocurrency.

What does this mean for you, the investor? Let’s find out.

Cowboy Crypto Pitches In

Prominent XRP community influencer Cowboy Crypto drew public attention to this email through a recent tweet, emphasizing the significance of this surge in XRP holdings on Bitrue.

The chart shared by Bitrue clearly illustrates the significant increase in notional value, which was under $200 million from July 3 to July 13. However, following the recent ruling in the Ripple vs. SEC case, Bitrue witnessed a sharp uptick starting on July 14.

This surge propelled the notional value of open interest to an impressive $800 million by July 16. It is important to note that notional value represents the total value of a particular asset that market participants have committed to buying or selling in the future.

XRP Trading Volume is Skyrocketing!

Furthermore, the XRP trading volume on Bitrue has experienced a significant increase in recent days. In the past 24 hours alone, the exchange facilitated $47.8 million in XRP volume through spot trades. Additionally, its perpetual market has seen even more impressive figures, with the XRP/USDT pair recording a 24-hour volume of $1.13 billion, according to data from CMC.

The Question is… What’s Fuelling These Sentiments?

Bitrue’s disclosure provides valuable insights into the overall size of XRP positions held by its users. Moreover, it is noteworthy that 88% of these users have taken long positions on XRP, indicating a strong belief in the cryptocurrency’s future.

Ripple’s Victory Acts as a Catalyst

This surge in demand for XRP follows the recent ruling by Judge Analisa Torres in the Ripple case. On July 13, Judge Torres declared that XRP is not a security, sparking positive market sentiment towards the asset. Subsequently, XRP witnessed a remarkable rally, with its value increasing by 99% on the same day.

Numerous exchanges have since relisted XRP, and trading volumes have soared as investors reignite their interest in the cryptocurrency. Yesterday, it was reported that XRP’s 24-hour trade volume hit a record high of $10.4 billion on July 13, marking the highest trade volume since August 2021. Additionally, XRP saw over 1 million trades per minute globally.

Exciting Times for XRP and Investors

The surge in XRP holdings on Bitrue, coupled with the positive market sentiment surrounding the Ripple case ruling, indicates an exciting time for XRP and its investors. With $800 million worth of XRP held on Bitrue and an overwhelming majority taking long positions, it’s evident that investors are confident in the cryptocurrency’s potential. As the market continues to embrace the recent developments, it remains to be seen how XRP will perform in the coming days.