XRP futures markets are heating up again. Futures trading on major exchanges rose to the most active level in 6 months last month, prompting analysis that liquidity is flowing back into derivatives markets.

U.Today reported on Sept. 7 that CryptoQuant assessed last month’s XRP futures trading activity as the highest since February. It also noted that higher volume means trading picked up on both the long and short sides, and should not be read directly as a signal of rising prices.

By exchange, Binance accounted for the biggest share at about $37.0 billion. Bybit was tallied at about $14.54 billion and OKX at $12.88 billion. August XRP futures trading on the three exchanges alone topped $64.6 billion.

Trading momentum in derivatives markets has also continued recently. XRP futures 24-hour volume was about $3.45 billion, more than 5 times spot volume. Open interest was tallied at about $3.12 billion.

Investor accounts appear tilted toward gains. CoinGlass data showed Binance XRP/USDT long-to-short account ratio at about 2.29 and OKX at 2.44. The ratio for top trader accounts on Binance was also about 2.71. That means more accounts hold long positions than shorts.

XRP’s price rise also coincided with the expansion in trading. The outlet reported XRP has risen more than 36 percent over the past 30 days. Still, it is difficult to judge the future price direction based only on higher futures volume. The analysis said funding rates, changes in open interest and spot trading flows should also be reviewed.