XRP Drops 22%, but $184M in Derivatives Bets Raise Hope

While the XRP price collapsed, market data shows that traders increased their derivatives bets on Binance, the world’s largest crypto exchange. XRP faced a sudden sell-off this week after two consecutive US inflation reports unsettled financial markets. The cryptocurrency had reached a recent high of $1.65 on Sept. 23 and stayed near that level for almost two weeks before economic data triggered a downturn. The U.S. Consumer Price Index (CPI) report came in above expectations, putting pressure on risk assets. The following day’s Producer Price Index (PPI) report added to market concerns, and a weak opening for U.S. stock markets further weighed on cryptocurrency prices. As selling continued, XRP fell as much as 22.5% from its September high, dropping below $1.30.

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