XRP funding rates explode 360% in 24 hours; Here’s what it means

XRP experienced a notable surge in its derivatives market on Wednesday, December 10, with XRP funding rates soaring more than 360%, as indicated by data retrieved by Finbold from CryptoQuant. In particular, the data implies that leveraged traders rapidly increased their bullish exposure. For instance, such a positive funding rate means that the futures price is trading at a significant premium to the spot price, as traders betting on XRP’s price to go up are more eager to maintain their long positions by paying high fees to those of the opposite conviction. Simultaneously, a 3 source: https://finbold.com/xrp-funding-rates-explode-360-in-24-hours-heres-what-it-means/