XRP Soars 5,674% in Crypto Chaos: What’s Next?

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XRP, that paragon of financial virtue, witnessed a volume surge on a major derivatives exchange, even as the broader crypto market descended into a weeklong sell-off with the enthusiasm of a man fleeing a fire.

In the last 24 hours, $2.51 billion were liquidated in leveraged bets across the crypto market, according to CoinGlass data. A total of $2.03 billion of this figure was long positions expecting the market to rebound, while short positions accounted for $475.66 million. One might say the market is as predictable as a drunk seagull at a sandwich shop.

Amid the crash, XRP’s futures volume rose 5,674% in the last 24 hours to $214.89 million on the Bitmex crypto exchange, even as the market traded lower. A triumph of logic, truly.

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Cryptocurrencies have been on shaky ground following a brutal sell-off last October, which sapped market confidence like a poorly sealed wine bottle. Selling increased this week, in line with an unwinding of leveraged bets and broader market volatility. One might say the market is as reliable as a Swiss watch in a war zone.

At the time of writing, XRP was down 0.18% in the last 24 hours to $1.36, a low last seen in November 2024, when it rose sharply by nearly 300%, from $0.49 to $1.95. A testament to the cyclical nature of human folly.

What to watch now?

Open interest (OI) has declined in futures tied to major cryptocurrencies, including XRP, which was down 6.57% in the last 24 hours to $2.46 billion. Crypto market sentiment has also fallen to its lowest level since the FTX collapse, as the  Crypto Fear and Greed Index fell to 9, signaling “extreme fear,” with traders adjusting their positioning amid the market crash. A fitting end to a tale of hubris and regret.

In previous cycles, extreme fear has often coincided with local bottoms, mostly because panic sentiment tends to flush out leveraged traders and short-term holders. This rebound scenario will be watched for in coming sessions. One can only hope for a miracle, though miracles are as rare as a sober cryptocurrency analyst.

For economic data, investors will be looking out for the University of Michigan’s consumer sentiment index, which is due to be published at 10:00 a.m. ET. A report as exciting as a spreadsheet filled with numbers.

The release of the key nonfarm payrolls report for January, initially due Friday, is now expected on Feb. 11. A delay so profound it could be mistaken for a strategic move.

Next week, investors will be watching the release of the consumer price index report for January, which has also been delayed till Feb. 13, two days later than originally scheduled. A delay so meticulous it rivals the precision of a Swiss watch.

In RLUSD news, Bitrue has listed 10 new Ripple USD stablecoin trading pairs, including BTC/RLUSD, ETH/RLUSD, XRP/RLUSD, SOL/RLUSD, TRX/RLUSD, ADA/RLUSD, BNB/RLUSD, DOGE/RLUSD, SUI/RLUSD and HBAR/RLUSD. A sartorial triumph for the crypto elite.

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2026-02-06 18:06