XRP continues to gain momentum across both its spot and futures markets as trading activity across both markets is also on the rise.
As the trend progresses, the latest onchain data from CryptoQuant shows that the XRP futures market has recorded strong trading activity throughout September.
While this signals sustained interest from traders and liquidity in the derivatives market, it has drawn attention from market watchers as it paints a bullish picture for the asset.
XRP futures hit 6-month high
According to the data, XRP futures volume across all major exchanges has continued to increase since August. As such, its futures activity has remained among the highest levels recorded over the past six months.
While the strongest XRP futures growth was witnessed last month, the analyst revealed that September's increase compared with August suggests that traders remained highly active despite futures volumes gradually retreating from earlier record levels.
With XRP seeing sustained activity in its derivatives market, it appears that demand for leveraged XRP exposure and active positioning among market participants has persisted.
While its futures volume has spiked notably over the past months, this propels XRP toward greater liquidity while positioning its price for upside momentum.
Binance takes dominance
Amid the surge in futures activity, the data shows that Binance led all major exchanges in the XRP futures surge in September, recording about $32.36 billion in trading volume.
Meanwhile, Bybit followed closely with about $12.5 billion, while OKX also saw sustained activity, recording $11.32 billion during the month.